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hwk7sec8 - Experiment 7 Section 8 Problem 7.1 Table 7.13...

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Experiment 7 Section 8 Problem 7.1 Table 7.13: Experimental Outcomes: Session 2 Mean Price $12.19 Total Number of Units Sold 42 Total Profits of All Firms $302.00 Total Consumers' Surplus $130.00 Sum of Firms' Profits and Consumers' Surplus $432.00 Problem 7.2 Part a) At prices below $5, how many units will the firm supply? 0 At prices above $5, how many units will the firm supply? 100 Parts b and c) Figure 7.6: Competitive Supply and Demand Problem 7.3 Table 7.14: Competitive Predictions Mean Price $5 Total Number of Units Sold 42 Total Profits of All Firms $0 Total Consumers' Surplus $427 Sum of Firms' Profits and Consumers' Surplus $427 $0 $5 $10 $15 $20 $25 $30 0 5 10 15 20 25 30 35 40 45 50 55 60 Number of Tickets Price of Tickets
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Problem 7.4 Table 7.15: Monopoly Predictions Mean Price $15 Total Number of Units Sold 28 Total Profits of All Firms $280 Total Consumers' Surplus $63 Sum of Firms' Profits and Consumers' Surplus $343 Problem 7.5 Which of the two theories comes closer to predicting the results of Session 2? Monopoly Theory Problem 7.6 Table 7.16: Experimental Outcomes: Session 3 Mean Price
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