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Unformatted text preview: Price of Fish CE1 CE2 Experimental Competitive Outcome Prediction Mean Price $1.77 $0.00 Number of Fish Sold 27 31 Total Fishermens' Profit-$112.34-$160.00 Total Demanders' Profit $432.34 $550.00 Total Profits All Participants $320.00 $390.00 Problem 2.6 a) The number of fish caught increased from 16 to 48 . b) The mean price of fish (rose?fell?) from $16.29 to $1.77 . c) Total profits of fishermen (rose?fell?) from $68.00 to-$112.34 . d) Total consumer surplus (rose?fell?) from $72.00 to $432.34 . 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 $550.00 . 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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- Fall '07