Use the following to answer questions: 
-(Table: Demand Schedule for Gadgets) Look at the table Demand Schedule for Gadgets. The market for gadgets consists of two producers, Margaret and Ray. Each firm can produce gadgets at a marginal cost of $2 and no fixed cost. If these two producers formed a cartel, agreed to split production of output evenly, and acted to maximize total industry profits, total industry output would be _____ and the price would be _____.
Definitions:
Probability
A measure of the likelihood of a specific outcome, event, or result occurring.
Insurance Premium
The amount of money an individual or business pays for an insurance policy, which provides financial coverage against specific risks.
Expected Income
The amount of money one anticipates earning over a specific period, considering various factors like salary, investments, and other income sources.
Probability
An indicator of the probability that a particular event will happen, denoted as a value ranging from 0 to 1.
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