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3 Pages

### Experiment 8 Sheet1

Course: ECO 304K 304K, Spring 2011
School: University of Texas
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Word Count: 394

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Ali Saher #104 SA24534 Lab Notes Table 8.2 Buyer Value # of Buyers 24 13 18 13 12 13 8 14 A restaurants total costs will be \$40 if it sells 4 meals, \$35 if it sells 3 meals, \$30 if it sells 2 meals, and \$25 if it sells no meals. Table 8.3 Restaurants Sales-Session 1, Round 1 Restaurant Owner's ID Prices Paid By Restaurant Customers 416 15 10 15 463 17 10 7 454 14 14 11 435 16 16 16 467 15 15 15 464 15 15 15 460...

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Ali Saher #104 SA24534 Lab Notes Table 8.2 Buyer Value # of Buyers 24 13 18 13 12 13 8 14 A restaurants total costs will be \$40 if it sells 4 meals, \$35 if it sells 3 meals, \$30 if it sells 2 meals, and \$25 if it sells no meals. Table 8.3 Restaurants Sales-Session 1, Round 1 Restaurant Owner's ID Prices Paid By Restaurant Customers 416 15 10 15 463 17 10 7 454 14 14 11 435 16 16 16 467 15 15 15 464 15 15 15 460 15 15 15 Total Cost 7 23 7 16 20 15 7 Total Revenue 47 57 46 64 65 60 52 Profit 40 40 40 40 40 40 40 7 17 6 24 25 20 12 In the 1st round of session 1, all of the firms were making a profit, and nobody was making a lost. Table 8.4 Restaurants Sales- Session 1, Last Round Restaurant Owner's ID Prices Paid By Restaurant Customers 417 10 15 7 ??? 23 7 11 416 14 11 23 464 15 15 11 467 15 16 20 435 15 15 15 454 15 11 17 466 20 15 15 8 20 7 16 15 10 18 Total Revenue 40 41 68 48 67 60 53 68 Saher Ali #104 SA24534 Total Cost Profit 40 35 40 40 40 40 40 40 0 6 28 8 27 20 13 28 In the last round of Session 1, all the firms were making a profit and none were making a loss. Session 2 1st Round Restaurant Owner's ID Prices Paid By Restaurant Customers 416 20 16 23 454 17 17 15 435 17 17 17 466 20 11 16 417 15 15 11 ??? 17 17 20 Total Cost 14 14 12 15 15 20 Total Revenue 73 63 63 62 56 74 Profit 43 43 43 43 43 43 30 20 20 19 13 31 In the first round of session 2, all firms were making a profit and nobody was making a loss. Session 2 Last Round Restaurant Owner's ID Prices Paid By Restaurant Customers 417 15 15 12 467 22 22 17 460 14 14 11 416 20 11 11 ??? 15 15 11 435 11 17 17 454 20 16 17 455 22 20 12 Total Costs 8 14 11 11 24 12 11 Total the Revenue 42 69 53 53 52 69 65 65 Profit 38 43 43 43 43 43 43 4 26 10 10 9 26 22 In last round of Session 2, all firms made a profit and nobody made a loss. Saher Ali #104 SA24534 Homework Problem 8.1 part a) In the first round of Session 1, 7 restaurants were opened, and in the last round of Session 1, 8 restaurants were opened. Table 8.7 Competitve Equilibrium Predictions, Session 1 # of Meals Restaurants' Mean Price Sold Total Profits Short-Run Competitive Eq. in 1st Round Short- Run CE in Last Round Long-Run CE Problem 8.3 Table 8.8 Session 1, 1st Round Session 1, Last round 12 28 56 12 12 32 36 64 72 Experimental Outcomes Session 1 # of Meals Restaurants Mean Price Sold Total Profits 14 28 111 14.4 31 130 part b) The first round was closer to the long run than the last round. Problem 8.4 part a) In the first round of Session 2, there were 5 restaurants and in the last round there were 8 restaurants open. part b) With the \$3 sales tax, restaurants have variable costs of \$8. Each restaurant will want to supply 0 meals if price is below \$8 and will supply 24 if above \$8. Problem 8.5 Table 8.9 CE Session 2 # of Meals Sold Mean Price Short Run CE in 1st Round Short Run in Last Round Long Run CE Restaurants Total Profits 18 24 120 12 18 32 24 -32 120 part b) In the long run, introduction of sales tax will cause the price of meals to rise by Saher Ali #104 SA24534 Problem 8.6 Table 8.10 Session 2, 1st Round Session 2, Last Round Exp. Outcomes Session 2 Number Mean Price Meals Sold Restaurants Total Profits 16.3 24 79 15.1 31 60 part b) No the first round was closer to the long run CE.
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