Suppose that the demand in a particular industry is given by Qd = 500 − 2P. When the market price in the industry is $50 per unit, total demand in the industry is _________. Furthermore, assume that the entire market consists of four firms that share the market equally. The HHI under these conditions is then _________.
400 units; 10,000
400 units; 2,500
225 units; 3,333.33
225 units; 1,600