Question: Use the estimated elastic-cities in Table 7??4 to calculate the Rothschild index for each industry. Based on these calculations, which industry most closely resembles perfect

Use the estimated elastic-cities in Table 7??4 to calculate the Rothschild index for each industry. Based on these calculations, which industry most closely resembles perfect competition? Which industry most closely resemblesmonopoly?

Own Price Elasticity of Demand for Representative Firm's Product Own Price Elasticity of Market Demand Industry Agriculture Construction Durable manufacturing Nondurable manufacturing Transportation Communication and utilities Wholesale trade Retail trade -1.8 -96.2 -1.0 -5.2 -1.4 -3.5 -1.3 -3.4 -1.0 -1.9 -1.8 -1.2 -1.5 -1.6 -1.2 -1.8 -0.1 -5.5 Finance -26.4 Services -1.2 Source: Mathew D. Shapro, "Measurng Market Power In U.S. Indusiry," Notional Bureou of Economic Research, Working Paper No. 2212, 1987.

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