### Create an Account

Home / Questions / Given the information in the table below calculate the concentration ratio and the Herfi...

# 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