The following table shows the sales (millions of units) of smart speakers in Year 1 and Year 2:
| Brand | Year 1 | Year 2 |
|---|---|---|
| Amazon | 10.4 | 11.2 |
| 8.2 | 9.5 | |
| Apple | 5.1 | 6.3 |
| Baidu | 4.3 | 5.0 |
| Xiaomi | 3.0 | 4.1 |
| Others | 11.5 | 15.4 |
| Total | 42.5 | 51.5 |
The 3-firm concentration ratio in Year 1 was 55.8%.
Calculate the 3-firm concentration ratio in Year 2 in this market. You are advised to show your working.
92 exam-style questions on Edexcel A A Level Economics 3.4 Market structures, covering 3.4.1 Efficiency, 3.4.2 Perfect competition, 3.4.3 Monopolistic competition, 3.4.4 Oligopoly, 3.4.5 Monopoly, 3.4.6 Monopsony, and 3.4.7 Contestability. Each one has a worked solution and a mark scheme showing where the marks go.