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. Suppose that these two producers have formed a cartel, agreed to split production of output evenly, and are maximizing total industry profits. Each firm's output would be _____, and each firm's profit would be _____.
Definitions:
Predetermined Overhead Rate
A rate used to apply manufacturing overhead to products or job orders, based on a predetermined formula.
Work in Process
Inventory that includes partially completed goods that are still undergoing manufacturing or production processes.
Cost of Goods Sold
The total cost associated with producing the goods sold by a business, including materials, labor, and manufacturing overhead.
Direct Labour-hours
The total number of hours worked by employees directly involved in the production process.
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