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Unformatted text preview: Price of Fish CE1 CE2 Experimental Competitive Outcome Prediction Mean Price $2.36 $0.00 Number of Fish Sold 32 32 Total Fishermens' Profit-$84.40-$160.00 Total Demanders' Profit $484.40 $560.00 Total Profits All Participants $400.00 $400.00 Problem 2.6 a) The number of fish caught increased from 16 to 48 . b) The mean price of fish (rose?fell?) from $14.50 to $2.36 . c) Total profits of fishermen (rose?fell?) from $72.00 to-$84.40 . d) Total consumer surplus (rose?fell?) from $128.00 to $484.40 . 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 $40.00 to $560.00 . 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