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3. (5 points) The widget industry is comprised of six firms of varying sizes. Firm 1 has 35 percent of the market. Firm 2 has

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3. (5 points) The widget industry is comprised of six firms of varying sizes. Firm 1 has 35 percent of the market. Firm 2 has 25 percent, and the remaining firms have 10 percent each. (a) What is the Herfindahl-Hirschman index for the widget industry? (b) What will be the change in the Herfindahl-Hirschman index if there is a merger between firms 5 and 6? Please show your calculations

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