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Unformatted text preview: Price of Fish CE1 CE2 Experimental Competitive Outcome Prediction Mean Price $2.54 $0.00 Number of Fish Sold 29 28 Total Fishermens' Profit-$66.29-$140.00 Total Demanders' Profit $436.29 $490.00 Total Profits All Participants $370.00 $350.00 Problem 2.6 a) The number of fish caught increased from 14 to 42 . b) The mean price of fish (rose?fell?) from $15.36 to $2.54 . c) Total profits of fishermen (rose?fell?) from $75.00 to-$66.29 . d) Total consumer surplus (rose?fell?) from $95.00 to $436.29 . 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 $140.00 to-$140.00 . c) Total consumers' surplus (rises?falls?) from $35.00 to $490.00 . 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