hwk2sec2

hwk2sec2 - CE1 CE2 Experimental Competitive Outcome...

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Homework for Experiment 2. Section: 2 Problem 2.1 Table 2.6: Demand Table for Sessions 1 and 2 Price Range Amount Demanded P>\$25 0 \$20<P<\$25 7 \$5<P<\$20 23 P<\$5 30 Problem 2.2 Part a) How many fish will be supplied at a price of \$15? 16 Part b) How many fish will be supplied at a price of \$5? 16 Part c) How many fish will be supplied at a price of \$1 16 Part d) What can you conclude about the supply curve for fish at positive prices? At all positive prices, 16 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 \$15.71 \$20.00 Number of Fish Sold 14 16 Total Fishermens' Profit \$60.00 \$160.00 Total Demanders' Profit \$85.00 \$35.00 Total Profits All Participants \$145.00 \$195.00 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 \$3.19 \$0.00 Number of Fish Sold 26 30 Total Fishermens' Profit-\$77.00-\$160.00 Total Demanders' Profit \$377.00 \$530.00 Total Profits All Participants \$300.00 \$370.00 Problem 2.6 a) The number of fish caught increased from 16 to 48 . b) The mean price of fish (rose?fell ?) from \$15.71 to \$3.19 . c) Total profits of fishermen (rose?fell ?) from \$60.00 to-\$77.00 . d) Total consumer surplus (rose ?fell?) from \$85.00 to \$377.00 . 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 \$160.00 to-\$160.00 . c) Total consumers' surplus (rises ?falls?) from \$35.00 to \$530.00 . 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.

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hwk2sec2 - CE1 CE2 Experimental Competitive Outcome...

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