hwk2sec3

hwk2sec3 - CE1 CE2 Experimental Competitive Outcome...

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Homework for Experiment 2. Section: 3 Problem 2.1 Table 2.6: Demand Table for Sessions 1 and 2 Price Range Amount Demanded P>$25 0 $20<P<$25 8 $5<P<$20 26 P<$5 34 Problem 2.2 Part a) How many fish will be supplied at a price of $15? 18 Part b) How many fish will be supplied at a price of $5? 18 Part c) How many fish will be supplied at a price of $1 18 Part d) What can you conclude about the supply curve for fish at positive prices? At all positive prices, 18 fish will be supplied. Problem 2.3 Figure 2.2: Supply and Demand in Sessions 1 and 2. Problem 2.4 Table 2.7: Predictions and Outcomes in Session 1 Experimental Competitive Outcome Prediction Mean Price $15.34 $20.00 Number of Fish Sold 16 18 Total Fishermens' Profit $65.50 $180.00 Total Demanders' Profit $99.50 $40.00 Total Profits All Participants $165.00 $220.00 Problem 2.5 Table 2.8: Predictions and Outcomes in Session 2 $0 $5 $10 $15 $20 $25 $30 0 5 10 15 20 25 30 35 40 45 50 55 Number of Fish Price of Fish
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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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hwk2sec3 - CE1 CE2 Experimental Competitive Outcome...

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