Suppose that a small town has seven burger shops whose respective shares of the local hamburger market are (as percentages of all hamburgers sold): 27 percent, 26 percent, 23 percent, 11 percent, 7 percent, 4 percent, and 2 percent. Instructions: Enter your answers as a whole number. a. What is the four-firm concentration ratio of the hamburger industry in this town? 0.87 percent b. What is the Herfindahl index for the hamburger industry in this town? 2124 O c. If the top three sellers combine to form a single firm, what would happen to the four-firm concentration ratio and to the Herfindahl index? Four-firm concentration ratio = 0.98 8 percent Herfindahl index = 5966|

Suppose that a small town has seven burger shops whose respective shares of the local hamburger market are (as percentages of all hamburgers sold): 27 percent, 26 percent, 23 percent, 11 percent, 7 percent, 4 percent, and 2 percent. Instructions: Enter your answers as a whole number. a. What is the four-firm concentration ratio of the hamburger industry in this town? 0.87 percent b. What is the Herfindahl index for the hamburger industry in this town? 2124 O c. If the top three sellers combine to form a single firm, what would happen to the four-firm concentration ratio and to the Herfindahl index? Four-firm concentration ratio = 0.98 8 percent Herfindahl index = 5966|

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

Please help me with the incorrect answers. Thabks! :)

Suppose that a small town has seven burger shops whose respective shares of the local hamburger market are (as percentages of all
hamburgers sold): 27 percent, 26 percent, 23 percent, 11 percent, 7 percent, 4 percent, and 2 percent.
Instructions: Enter your answers as a whole number.
a. What is the four-firm concentration ratio of the hamburger industry in this town?
0.87
* percent
b. What is the Herfindahl index for the hamburger industry in this town?
2124
c. If the top three sellers combine to form a single firm, what would happen to the four-firm concentration ratio and to the Herfindahl
index?
Four-firm concentration ratio =
0.98
* percent
Herfindahl index =
5966

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