A firm has $1,600,000 in sales, a Lerner index of 0.67 , and a marginal cost of $50, and competes against 800 other firms in its relevant market. Instruction: Enter your responses rounded to two decimal places. a. What price does this firm charge its customers? b. By what factor does this firm mark up its price over marginal cost? An industry consists of three firms with sales of $380,000,$805,000, and $425,000. 0. Colculate the Herfindaht Hirschman index (Hiti). Instruction: Enter your response rounded to the nearest integer. b. Calculate the four-firm concentration ratio (C4) c. Based on the FIC and DOJ Horizontal Merger Guldelines described in the text, is the Department of Justice likely to attempt to block a horizontal merger between two firms with salc $ of $380,000 and $425,000 ? No Yes Ten firms compete in a market to sell product X. The total sales of alf firms selling the product are $1,500,000. Ranking the firms' sales from highest to lowest, we find the top four firms' sales to be $310,000,$235,000,$205,000, and $140,000, respectively. Calculate the four-firm concentration ratio in the market for product X Instruction: Enter your response rounded to two decimal places. Nationwide Bank has approached Hometown Bank with a proposal to merge. The following table lists the sales of the banks in the area. Use the above information to calculate the four-firm concentration ratio and the Herfindahl-Hirschman index in the current market. Instruction: Enter your responses rounded o two decimal places. Four-firm concentration ratio: Herfindahl-Hirschman index: Based on the FTC and DOJ Horizontal Merger Guidelines described in the text, do you think the Justice Department is likely to challenge the proposed merger? It may be challenged, but other factors will be considered. It definitely will be challenged. It definitely will not be challenged. Suppose the own price elasticity of market demand for retail gasoline is -0.9 , the Rothschild index is 0.6 , and a typical gasoline retailer enjoys soles of $1,200,000 annually. What is the price elasticity of demand for a representative gasoline retailer's product? Instruction: Enter your response rounded to two decimal places. If entering a negative number, be sure to use the negative () sign