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Unformatted text preview: CE1 CE2 Experimental Competitive Outcome Prediction Mean Price $2.70 $0.00 Number of Fish Sold 30 34 Total Fishermens' Profit-$98.99-$180.00 Total Demanders' Profit $448.99 $600.00 Total Profits All Participants $350.00 $420.00 Problem 2.6 a) The number of fish caught increased from 18 to 54 . b) The mean price of fish (rose?fell ?) from $15.34 to $2.70 . c) Total profits of fishermen (rose?fell ?) from $65.50 to-$98.99 . d) Total consumer surplus (rose ?fell?) from $99.50 to $448.99 . Problem 2.7 a) The mean price of fish (rises?falls? ) from $20.00 to $0.00 . b) Total profits of fishermen (rises?falls ?) from $180.00 to-$180.00 . c) Total consumers' surplus (rises ?falls?) from $40.00 to $600.00 . Problem 2.8 a) if he expects the price of fish to be $3? no b) if he expects the price of fish to be $7? yes...
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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.
- Fall '07