Problem
Draw a world demand curve for bananas. A cartel, OBEC, the Organization of Banana Exporting Countries, is founded in an attempt to drive up the world price of bananas. Add a marginal revenue curve corresponding to the demand curve and a marginal cost curve representing the sum of the marginal cost curves of the cartel members. Identify the quantity that would maximize profits for the industry and the price the cartel would charge.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.