hwk1sec7

# hwk1sec7 - Experiment 1 Section 7 Problem 1.1 Table 1.8...

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Experiment 1 Section: 7 Problem 1.1 Table 1.8 Session 1 Session 2 Mean Price \$21.47 \$28.41 Number of Transactions 15 16 Total Profit of All Sellers \$152.00 \$134.50 Total Profit of All Buyers \$138.00 \$165.50 Total Profit of All Traders \$290.00 \$300.00 Problem 1.2 Figure 1.5 \$0 \$5 \$10 \$15 \$20 \$25 \$30 \$35 \$40 1 3 5 7 9 11 13 15 17 19 21 23 25

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Problem 1.3 Table 1.9: Supply Table: Session 1 Price Range Amount Supplied P<\$10 0 \$10<P<\$30 16 P>\$30 24 Table 1.10: Demand Table: Session 1 Price Range Amound Demanded P>\$40 0 \$20<P<\$40 8 P<\$20 24 Table 1.11: Supply Table: Session 2 Price Range Amount Supplied P<\$10 0 \$10<P<\$30 8 P>\$30 24 Table 1.12: Demand Table: Session 2 Price Range Amound Demanded P>\$40 0 \$20<P<\$40 16 P<\$20 24
Problem 1.4 Figure 1.6: Supply and Demand for Apples, Session 1 Problem 1.5 Figure 1.7: Supply and Demand for Apples, Session 2. \$0 \$5 \$10 \$15 \$20 \$25 \$30 \$35 \$40 \$45 0 5 10 15 20 25 30 35 40 Bushels of Apples Price of Apples CE \$0 \$5 \$10 \$15 \$20 \$25 \$30 \$35 \$40 \$45 0 5 10 15 20 25 30 35 40 Bushels of Apples Price of Apples CE

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Problem 1.6 Table 1.13 Predicted and Actual Outcomes-Session 1 Exper. Comp. Outcome Predict. Mean Price \$21.47 \$20 Number of Transactions 15 16 Total Profit of Sellers \$152.00 \$160.00 Total Profit of Buyers \$138.00
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