1. Suppose you have the following information on all kayak sellers in the wooden kayak market. Market shares for the six companies are given below. Kayak Company Market Share Pygmy Boats 35% Laughing Loon 18% Chesapeake Light Craft 16% Guillemot Kayaks 14% Newfound Woodworks 10% Bear Mountain Boats 7% a. What is the concentration ratio for this wooden kayak industry? b. Calculate the HHI for this wooden kayak industry. c. Suppose that Bear Mountain Boats is planning to merge with Newfound Woodworks. Calculate the new HHI and concentration ratio if this merger actually takes place. d. Suppose the government considers an HHI higher than 2500 indicative of a highly concentrated market and doesn't allow mergers that would result in highly concentrated markets. Would the government oppose the merger of Newfound Woodworks and Bear Mountain Boats? Explain