This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
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...
View Full Document
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