hwk2sec8

hwk2sec8 - Price of Fish CE1 CE2 Experimental Competitive...

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Homework for Experiment 2. Section: 8 Problem 2.1 Table 2.6: Demand Table for Sessions 1 and 2 Price Range Amount Demanded P>$25 0 $20<P<$25 9 $5<P<$20 28 P<$5 37 Problem 2.2 Part a) How many fish will be supplied at a price of $15? 19 Part b) How many fish will be supplied at a price of $5? 19 Part c) How many fish will be supplied at a price of $1 19 Part d) What can you conclude about the supply curve for fish at positive prices? At all positive prices, 19 fish will be supplied. Problem 2.3 Figure 2.2: Supply and Demand in Sessions 1 and 2. Problem 2.4 Table 2.7: Predictions and Outcomes in Session 1 Experimental Competitive Outcome Prediction Mean Price $15.62 $20.00 Number of Fish Sold 17 19 Total Fishermens' Profit $75.50 $190.00 Total Demanders' Profit $104.50 $45.00 Total Profits All Participants $180.00 $235.00 Problem 2.5 Table 2.8: Predictions and Outcomes in Session 2 $0 $5 $10 $15 $20 $25 $30 0 5 10 15 20 25 30 35 40 45 50 55 Number of Fish
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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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hwk2sec8 - Price of Fish CE1 CE2 Experimental Competitive...

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