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In a five firm industry

Marketing

In a five firm industry. The top four firms have market shares of 40%, 20%, 18%, and 17.3%. Compute the Herfindahl-Hirschman index for the industry.

Hint 1: You will need to calculate the market share of the fifth firm first.

Hint 2: When calculating the HHI remember 10% market share is 10, not 0.10

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