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hwk4sec7

# hwk4sec7 - 55 60 Number of Units Problem 4.7 Session 1...

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Experiment 4 Section 7 Problem 4.1 Part a) \$50 Part b) \$15 Problem 4.2 Supply at prices above \$10? 36 Supply at prices below \$10? 0 Problem 4.3 Part a) No Part b) Average price paid by addicts? \$15.89 Average price paid by casual users? \$12.06 Part c) Yes Problem 4.4. Figure 4.4: Demand and Supply in Session 1 \$0 \$10 \$20 \$30 \$40 \$50 0 5 10 15 20 25 30 35 40 45 50 55 60 Number of Units Price by Buyers

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Problem 4.5 Figure 4.5: Demand and Supply in Session 2 Problem 4.6 Figure 4.6: Demand and Supply in Session 3 \$0 \$10 \$20 \$30 \$40 \$50 0 5 10 15 20 25 30 35 40 45 50 55 60 Number of Units Price by Buyers \$0 \$10 \$20 \$30 \$40 \$50 0 5 10 15 20 25 30 35 40 45 50
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Unformatted text preview: 55 60 Number of Units Problem 4.7 Session 1 Session 2 Session 3 Mean Price \$10.00 \$25.00 \$25.00 Number of Transactions 18 9 9 Number of Units Consumed by Addicts 9 9 9 Number of Units Consumed by Casual Users 9 Total Amount of Money Spent on Drugs \$180.00 \$225.00 \$225.00 Total Revenue of Suppliers \$180.00 \$225.00 \$112.50 Total Profit of Demanders \$225.00 \$45.00 \$45.00 Total Profit of Suppliers \$0.00 \$0.00 \$0.00 Total Revenue of Police \$0.00 \$45.00 \$135.00...
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