4. A firm has $1.5 million in sales a Lerner index of 0.57 anda marginal cost of

4. A firm has $1.5 million in sales a Lerner index of 0.57 anda marginal cost of $50 and competes against 800 other firms in itsrelevant market. (a) What price does this firm charge itscustomers? (b) By what factor does this firm mark up its price overmarginal cost? (c) Do you think this firm enjoys much market power?Explain.