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hwk5sec5 - 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 5 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 11 18 11 12 11 8 12 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 4 546 15 10 11 11 544 16 16 11 11 537 10 10 12 7 530 10 10 10 7 528 11 7 7 8 519 11 11 7 10 517 17 10 10 7 512 16 10 10 20 503 16 13 14 12 9 9 9 9 9 count 122 97 92 93 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 4 544 12 12 12 10 543 12 10.5 10.5 10.5 536 11 11 11 10 532 13 11 10 10 519 12 11 10 10 517 11 11 10 11 503 12 11 11 12 7 7 7 7 7 count 83 77.5 74.5 73.5 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 4 547 14 13 13 13 546 13 13 13 11 545 13 13 13 12 544 14 14 13 12 530 13.5 12 12 12 517 13 13 13 13 6 6 6 6 6 count 80.5 78 77 73 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 4 547 13 13 13 12.5 530 13 13 529 13.5 13 13 12.5 517 13.5 13 13 13 4 4 4 3 3 count 53 52 39 38 sum mean Meals Total price Sold Profits Restaurants S1R1 11.22222 36 44 9 S1R2 11.01786 28 28.5 7 S2R1 12.85417 24 -3.5 6 S2R2 13 14 -10 4 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. Note the equilibrium price and quantity for each round and enter in Table 8.7 below.
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