3. (5 points) Suppose the own price elasticity of market demand for retail gasoline is -0.7, the Rothschild index is 0.6, and atypical gasoline retailer has annual sales of $2 million. What is the price elasticity of demand for atypical gasoline retailer? 4. Indicate whether the following industries are best characterized by a market of perfect competition, monopoly, monopolistic competition, or oligopoly. 4.1. (2 points) The industry has C 4 = 0.005 and H H I = 75. A typical rm has a Lerner index of 0.45 and a Rothschild index of 0.34. 4.2. (2 points) The industry has C 4 = 0.000}l and H H I = 55. A typical rm has a Lerner index of 0.0034 and a Rothschild index of 0.00023. 4.3. (2 points) The industry has C 4 2 MO and H H I = l0,000. A typical rm has a Lerner index of 0.4 and a Rothschild index of l. 4.4. (2 points) The industry has C 4 2 MO and H H I = 5,573. A typical rm has a Lerner index of 0.43 and a Rothschild index of 0.76