Ana currently works for a law firm and she makes an annual s…

Ana currently works for a law firm and she makes an annual salary of $125,000. She wants to open her own legal practice and expects to earn $200,000 per year. In order to do so, she’ll need to hire a clerk who will cost $35,000/year in salary. She also needs to rent an office, which will cost $50,000/ year. Based on this information, answer the following: Calculate Ana’s accounting profit (show your work!). Calculate Ana’s economic profit or loss (show your worl!)

Market Share by Firm Firm  Market Share GM 19% For…

Market Share by Firm Firm  Market Share GM 19% Ford  17% Toyota 14% Chrysler 11% Honda 10% Nissan  7% Hyundai 5% Kia 4% Subaru 3% Volkswagen 3% Using the table above, calculate:  The four-firm concentration ratio for the U.S. auto market (show your work). Based on your answer on part (a), is this a concentrated market? Justify your answer! Calculate the Herfindal-Hirschman Index for the U.S. auto market (show your work).