Outline the Random Growth Hypothesis and explain the implications of Girbat's Law for the long-run trend in seller concentration. [10 marks] b) Suppose in period 0 an industry comprises 24 equal-sized firms, each with sales of £12 millions. The assumed random growth process is as follows: in any subsequent year, each firm has an equal chance of either doubling or halving its sales. (In other words, 50% of the firms will increase their sales and 50% will decrease their sales.). Show the validity of Gibrat's law, using both CR8 and HHI indices after 2 periods