Problem 18 (Chapter 8) on textbook pp. 242 (10%) Suppose that the annual number of admissions can be used as a measure of output for a group of…

Problem 18 (Chapter 8) on textbook pp. 242 (10%)Suppose that the annual number of admissions can be used as a measure of output for a group of hospitals operating in the same RGM. Categorize the type of market based on the degree of structural competition as measured by the four-firm concentration ratio and the Herfindahl-Hirschman Index. (Hint: calculate market share for each one first)HospitalNumber of Admissions(in thousands)Saving Grace Hospital4,000Mercy Me Hospital3,000Price Plus Hospital1,500HealthMart Hospital750Health Depot Hospital1,000Health R Us Hospital 1,500

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