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Unformatted text preview: 45 50 55 Number of Fish Price of Fish CE1 CE2 Outcome Prediction Mean Price $1.44 $0.00 Number of Fish Sold 34 34 Total Fishermens' Profit-$130.88-$180.00 Total Demanders' Profit $550.88 $600.00 Total Profits All Participants $420.00 $420.00 Problem 2.6 a) The number of fish caught increased from 18 to 54 . b) The mean price of fish (rose?fell ?) from $16.17 to $1.44 . c) Total profits of fishermen (rose?fell ?) from $111.00 to-$130.88 . d) Total consumer surplus (rose ?fell?) from $89.00 to $550.88 . 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 $180.00 to-$180.00 . c) Total consumers' surplus (rises ?falls?) from $40.00 to $600.00 . 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
- Supply And Demand, economic surplus, Fish Sold