Question: Suppose that a small town has seven burger shops whose respective shares of the local hamburger market are (as percentages of all hamburgers sold): 23%,

Suppose that a small town has seven burger shops whose respective shares of the local hamburger market are (as percentages of all hamburgers sold): 23%, 22%, 18%, 12%, 11%, 8%, and 6%.

Instructions: Enter your answers as whole numbers.

a. What is the four-firm concentration ratio of the hamburger industry in this town?( ) %.

b. What is the Herfindahl for the hamburger industry in this town?(?)

c. If the top three ellers combined form a single firm, what would happen to the four-firm concentration ratio and to the Herfindahl index?

The four-firm concentration ratio would be (? )

The Herfindahl index would be(?)

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