Suppose that the top sixfirms in an industry have total annual sales of $150 billion, $120 billion, $40 billion, $25 billion, $15 billion, and $10 billion, respectively.

b. What is the Herfindahl index for this industry? (Hint: Tofind the Herfindahl index, you will need to compute the percentagemarket share for each firm in the industry. Whencalculating market share, do not round your intermediate calculations.)