Fall 2015 Econ 101 Exam 3 Version 1

Suppose you are an analyst for the department of

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28. Suppose you are an analyst for the Department of Justice, and your job is to determine whether the orange juice market is competitive. To do this, you compute the Herfindahl-Hirschman Index (HHI) and report it to your boss. If there are only 5 producers of orange juice and each supplies 200,000 cartons of juice in equilibrium, what is the HHI Index for this industry? Price of coffee Quantity demanded $2.50 1,000 $2.00 2,000 $1.50 3,000 $1.00 4,000 $0.50 5,000
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