Home / Questions / Given the information in the table below calculate the concentration ratio and the Herfi...
1. Given the information in the table below, calculate (a) the concentration ratio and (b) the Herfinadahl-Hirschman Index
Firm |
Percent of Sales |
1 |
26 |
2 |
20 |
3 |
14 |
4 |
13 |
5 |
10 |
6 |
7 |
7 |
5 |
8 |
2 |
9 |
2 |
10 |
1 |
2. If a firm is maximizing profits or minimizing losses, it is producing ______ units of output and charging a price of _________.
(a) 280 units: $12.00
(b) 280 units: $10.40
(c) 200 units: $7.00
(d) 200 units: $12.80
(e) 262 units: $10.80
3. If price were increased from $25 to $26 and quantity demanded fell from 10 to 9, calculate elasticity; state whether demand is elastic, unit elastic, or inelastic; and find out how much total revenue was when price was $25 and $26.
4. If price lowered from $10 to $8 and quantity demanded rose from 50 to 51, calculate elasticity; state whether demand is elastic, unit elastic, or inelastic and find out how much total revenue was when the price was $10 and $8.
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