hwk7sec1

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

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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

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

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

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