E1sec1

E1sec1 - Problem 1.1 Table 1.8 Mean Price Number of...

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Problem 1.1 Table 1.8 Session 1 Session 2 Mean Price $19.00 $29.31 Number of Transactions 12 13 Total Profit of All Sellers $88 $111 Total Profit of All Buyers $132 $119 Total Profit of All Traders $220 $230 Problem 1.2 You were not given the order in which the transactions happened , so you didn't have the daya you would have needed to answer this question. Problem 1.3 Table 1.9 Price Range Amount Supplied P<$10 0 $10<P<$30 11 P>$30 17 Table 1.10 Price Range Amound Demanded P>$40 0 $20<P<$40 6 P<$20 18 Table 1.11 Price Range Amount Supplied P<$10 0 $10<P<$30 6 P>$30 17 Table 1.12 Price Range Amound Demanded P>$40 0 $20<P<$40 12 P<$20 18 Problem 1.4 Figure 1.6: Supply and Demand for Apples, Session 1 Problem 1.5 Figure 1.7: Supply and Demand for Apples, Session 2. Problem 1.6 Table 1.13 Predicted and Actual Outcomes-Session 1 Exper. Comp. Outcome Predict. Mean Price $19.00 $20 Number of Transactions 12 11 Total Profit of Sellers $88.00 $110.00 Total Profit of Buyers $132.00 $120.00 Total Profits of All
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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.

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