hw2.s09 - Homework 2- ENNEC 100 Spring 2009 Answers should...

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Homework 2- ENNEC 100 Spring 2009 Answers should be typed, one side of the page, stapled. Show all work. Paper is cheap. Due in class Thursday, February 19. Students often have questions for the instructor about this exercise. However, one should be aware that his first response to any question about parts 1 through 3 is “what happened in the experiment?” His second response is likely to be “what did we do in class.” 1) (30 points) Assume 24 people took part in a market supply and demand experiment. Below are the values they faced. Carefully draw out the implied market supply and demand curves. using EXCEL. What is the equilibrium price and quantity in this market? How much "wealth" did this market create? For simplicity, assume if a person is indifferent, they will participate in the market. If there is a range of possible equilibrium prices, choose the one in the middle. Player # Seller Values Buyer Values Unit # 1 2 3 1 2 3 1 346.5 429 504 462 427.5 384 2 373.5 454.5 474 511.5
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This note was uploaded on 09/09/2009 for the course ENNEC 100 taught by Professor Blumsack,sethada during the Spring '08 term at Pennsylvania State University, University Park.

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hw2.s09 - Homework 2- ENNEC 100 Spring 2009 Answers should...

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