The concentration ratio for Industry M is 52%.
The concentration ratio of industry M can be determined by adding the the ratio of the output to the total output of each of the six firms together.
- Ratio of firm 1's output to total output = 22,987 / 198,400 = 0.11586 = 11.59%
- Ratio of firm 2's output to total output = 21,444 / 198,400 = 0.1081 = 10.81%
- Ratio of firm 3's output to total output = 18,787 / 198,400 = 0.0947 = 9.47%
- Ratio of firm 4's output to total output = 16,454 / 198,400 = 0.0829 = 8.29%
- Ratio of firm 5's output to total output = 12,890 / 198,400 = 0.065 = 6.5%
- Ratio of firm 6's output to total output = 22,987 / 198,400 = 0.0506 = 5.06%
Sum of the percentages = 51.72%
Please find attached a table used to answer the question. A similar question was answered here: https://brainly.com/question/14903886
