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Unformatted text preview: Price of Fish CE1 CE2 Experimental Competitive Outcome Prediction Mean Price $1.79 $0.00 Number of Fish Sold 32 35 Total Fishermens' Profit-$122.69-$180.00 Total Demanders' Profit $512.69 $620.00 Total Profits All Participants $390.00 $440.00 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 $1.79 . c) Total profits of fishermen (rose?fell?) from $65.50 to-$122.69 . d) Total consumer surplus (rose?fell?) from $99.50 to $512.69 . 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 $620.00 . 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