hwk8sec8 - Experiment 8 Blue Cells have instructions Enter...

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Experiment 8. Blue Cells have instructions. Enter data in yellow cells. Keep going until you hit the Finish Line. Enter Section Number 8 Copy rows from Table 8.2 (no header row) and paste into A11 Table 8.2 Distribution of Demander Types Buyer V. Number of Buyers 24 12 18 12 12 12 8 14 Copy rows (no header) from Table 8.3 (Session 1, Round 1) and paste into A18. owner id price 1 price 2 price 3 price 4 853 5 9.5 5.5 5.5 852 5.5 8 851 10 7 849 6 10 5 844 7 839 10 8 8 5 834 11 7 5.5 0 830 10 8 7 828 11 7 5.5 5.5 827 12 8 8 6.5 826 14 7 819 0 6 6 5.5 814 9 6 6 8 809 8 8 20 8 14 14 13 10 8 count 118.5 99.5 76.5 44 sum Copy rows (no header) from Table 8.4( Session 1, Round 2) and paste into A37. owner id price 1 price 2 price 3 price 4 850 8 7 6 6 848 8 8 8 6.5 844 6.5 6.5 7 6.5 843 8 8 8 11 827 12 8 8 8 825 10 10 6 6 822 10 6 7 7 820 18 7 6.5 6.5 813 7 7 7 7.5 810 7 7 7 7 809 8 8 8 8 11 11 11 11 11 count 102.5 82.5 78.5 80 sum Copy rows (no header) from Table 8.5 (Session 2, Round 1) and paste into A55. owner id price 1 price 2 price 3 price 4 849 8.25 18 847 10 8.5 845 18 9 8.5 844 9 9 9 9 843 10 10 9 23 827 24 10 10 9 818 9.75 9.5 9.5 18 814 9 10 8.5 9 812 10 9.5 9 8.5 807 10 9 9 18 10 10 10 8 7 count 118 102.5 72.5 94.5 sum Copy rows (no header) from Table 8.6 (Session 2, Round 2) and paste into A74. owner id price 1 price 2 price 3 price 4 849 11 11 11 18 846 10 10 11 12 828 11 11 11 40 827 24 10 10 10 822 10 10 10 14 820 18 10.5 10.5 11 818 12 10.5 10.5 18 801 18 14 13 11 8 8 8 8 8 count 114 87 87 134 sum mean Meals Total price Sold Profits Restaurants S1R1 7.522222 45 -166.5 14 S1R2 7.806818 44 -96.5 11 S2R1 11.07143 35 -92.5 10 S2R2 13.1875 32 6 8 First you have to determine the short run equilibria for each round of Session 1. You also have to do the long-run equilibrium. You fill in the answers in Table 8.7 below. These calculations aren't auto- mated. You'll have to figure some of this out yourself. First check the graph to the right The dashed red line is the SR supply for round 1. The solid red line is the SR supply for round 2. If you only see a solid red line, the number of restaurants is the same for each round and the short-run supply curves and equilibria are also the same.
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