Question: The market's demand function for a product is: p=100 - Q, where Q is the total industry output. There are eleven identical firms in this

The market's demand function for a product is: p=100 - Q, where Q is the total industry output. There are eleven identical firms in this industry, each of which has a cost function C(q)= 4q + q2. Firms compete in quantity, and the market price adjusts to clear the market. Suppose these firms decide to form a cartel. Initially, all firms join the cartel. (a) Compute the optimal cartel solution and the resulting profit of an individual firm, assuming they share the cartel profit equally.

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