The HHI is calculated by taking the market share of each firm in the industry, squaring them, and summing the result. For example, assume an industry has 20 firms. Firm 1 has a market share of 48.59%, and each of the 19 remaining firms has a market share of 2.71% each. The HHI would be exactly 2,500, indicating a substantially highly concentrated market. If Firm 1 had a market share of 35.82% and each of the remaining firms had a 3.38% market share, the HHI would be exactly 1,500, indicating a competitive marketplace. Assume the following Telecommunication Industry with four total firms: Firm 1 market share = 40% Firm 2 market share = 30% Firm 3 market share = 15% Firm 4 market share = 15% Calculate the HHI. Is the industry concentrated? Explain fully (to receive full points) Part2: The individual demand for a slice of pizza at papa John's Pizza is given by Qd = 6 - P. Assume the marginal cost of a slice of pizza is constant at $2 and the marginal revenue (MR) function is 6 - 2Q. Questions: (1) What is the profit-maximizing price and quantity if papa John's Pizza sells all slices at