**Industry Revenue Overview**Consider an industry that contains the following firms:| Firm | Total Revenue ||---------|---------------|| Firm A | $45,000 || Firm B | $35,000 || Firm C | $50,000 || Firm D | $10,000 || Firm E | $60,000 |**Market Share Calculation**To calculate Firm B's market share:1. **Determine the Total Market Revenue**: Add the revenues of all the firms. 2. **Calculate Firm B’s Market Share**: Divide Firm B’s revenue by the total market revenue and multiply by 100 to express it as a percentage.*Formula:* \[\text{Market Share of Firm B} = \left(\frac{\text{Revenue of Firm B}}{\text{Total Market Revenue}}\right) \times 100\] Please solve the calculation using the given revenue data.

Total market revenue will be the sum of each firm’s revenue in the industry.Total market revenue = 45,000 + 35,000 + 50,000 + 10,000 + 60,000 = 200,000 Firm’s B market share = 100 * Firm’s B revenue / Total market revenue = 100* 35,000/ 200,000 = 17.5 Firm’s B market share = 17.5

Answered: Consider an industry with that contains…

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Consider an industry with that contains the following firms Total Revenue Firm A $45,000 Firm B $35,000 Firm C $50,000 Firm D $10,000 Firm E $60,000 Calculate Firm B's market share

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

**Industry Revenue Overview**

Consider an industry that contains the following firms:

| Firm | Total Revenue |
|---------|---------------|
| Firm A | $45,000 |
| Firm B | $35,000 |
| Firm C | $50,000 |
| Firm D | $10,000 |
| Firm E | $60,000 |

**Market Share Calculation**

To calculate Firm B's market share:

1. **Determine the Total Market Revenue**: Add the revenues of all the firms.

2. **Calculate Firm B’s Market Share**: Divide Firm B’s revenue by the total market revenue and multiply by 100 to express it as a percentage.

*Formula:*
\[
\text{Market Share of Firm B} = \left(\frac{\text{Revenue of Firm B}}{\text{Total Market Revenue}}\right) \times 100
\]

Please solve the calculation using the given revenue data.

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