2. The Herfindahl-Hirschman Index is used as a guideline to determine if a market 1s competitive or concentrated. Calculate the index value for each market described below. 2 100 firms, each of which produces 1 per cent of market output v 50 firms, each of which produces 2 per cent of market output o 10 firms, each of which produces 10 per cent of LV ROb L 5 firms, each of which produces 20 per cent of market output o2 firms, each of which produces 50 per cent of market output