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Unformatted text preview: Price of Fish CE1 CE2 Experimental Competitive Outcome Prediction Mean Price $1.25 $0.00 Number of Fish Sold 33 37 Total Fishermens' Profit-$148.90-$190.00 Total Demanders' Profit $538.90 $650.00 Total Profits All Participants $390.00 $460.00 Problem 2.6 a) The number of fish caught increased from 19 to 57 . b) The mean price of fish (rose?fell?) from $15.62 to $1.25 . c) Total profits of fishermen (rose?fell?) from $75.50 to-$148.90 . d) Total consumer surplus (rose?fell?) from $104.50 to $538.90 . 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 $190.00 to-$190.00 . c) Total consumers' surplus (rises?falls?) from $45.00 to $650.00 . 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