Consider an industry that consists of 12 firms. Total annual sales of the largest firm are $10

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Consider an industry that consists of 12 firms. Total annual sales of the largest firm are $10 million. Total annual sales of the next three firms average $7.5 million each. Total annual sales of the next four firms in the industry average $2 million each. Finally, total annual sales of the remaining firms in the industry average $500 thousand. Calculate the 4-firm and 8-firm concentration ratios for this industry.

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