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Given the information in the table below calculate the concentration ratio and the Herfinadahl-Hirschman Index Firm Percent of Sales

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.

May 01 2020 View more View Less

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