{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

hwk7sec1

hwk7sec1 - Experiment 7 Section 1 Problem 7.1 Table 7.13...

This preview shows pages 1–2. Sign up to view the full content.

Experiment 7 Section 1 Problem 7.1 Table 7.13: Experimental Outcomes: Session 2 Mean Price \$13.46 Total Number of Units Sold 24 Total Profits of All Firms \$203.00 Total Consumers' Surplus \$91.00 Sum of Firms' Profits and Consumers' Surplus \$294.00 Problem 7.2 Part a) At prices below \$5, how many units will the firm supply? 0 At prices above \$5, how many units will the firm supply? 100 Parts b and c) Figure 7.6: Competitive Supply and Demand Problem 7.3 Table 7.14: Competitive Predictions Mean Price \$5 Total Number of Units Sold 35 Total Profits of All Firms \$0 Total Consumers' Surplus \$365 Sum of Firms' Profits and Consumers' Surplus \$365 \$0 \$5 \$10 \$15 \$20 \$25 \$30 0 5 10 15 20 25 30 35 40 45 50 55 60 Number of Tickets Price of Tickets

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
Problem 7.4 Table 7.15: Monopoly Predictions Mean Price \$15 Total Number of Units Sold 25 Total Profits of All Firms \$250 Total Consumers' Surplus \$55 Sum of Firms' Profits and Consumers' Surplus \$305 Problem 7.5 Which of the two theories comes closer to predicting the results of Session 2? Monopoly Theory Problem 7.6 Table 7.16: Experimental Outcomes: Session 3 Mean Price
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

• As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

Kiran Temple University Fox School of Business ‘17, Course Hero Intern

• I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

Dana University of Pennsylvania ‘17, Course Hero Intern

• The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

Jill Tulane University ‘16, Course Hero Intern