ANSWER ALL PARTS CLEARLY, ORIGINALLY WITH FULL WORKING.

Question 2 The following table provides annual sales for the four largest firms in four industries in Canada. Also provided are total Canadian and total world sales for the industry. (All figures are hypothetical and are in millions of dollars) Firm Firm Firm Firm Total Sales Total Sales 3 (Canada) (World) Forestry 185 167 47 550 1368 products Chemicals 27 24 4 172 2452 Women's 6 2 94 3688 clothing Pharmaceuticals 44 37 22 19 297 2135 a. Suppose Canada does not trade internationally any of the goods produced in these industries. Compute the four-firm Canadian concentration ratio for each industry. b. Rank the industries in order from the most concentrated to the least concentrated c. Now suppose goods in these industries are freely traded around the world. Are the concentration ratios from part (a) still relevant? d. Explain your answer to part (c)