hwk7sec1

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

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

View Full Document Right Arrow Icon
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
Background image of page 1

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

View Full DocumentRight Arrow Icon
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
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 12/25/2011 for the course ECON 1 taught by Professor Bergstrom during the Fall '07 term at UCSB.

Page1 / 2

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

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online