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Unformatted text preview: 40 45 50 55 Number of Fish Price of Fish CE1 CE2 Outcome Prediction Mean Price $1.71 $0.00 Number of Fish Sold 28 28 Total Fishermens' Profit-$92.18-$140.00 Total Demanders' Profit $442.18 $490.00 Total Profits All Participants $350.00 $350.00 Problem 2.6 a) The number of fish caught increased from 14 to 42 . b) The mean price of fish (rose?fell ?) from $16.25 to $1.71 . c) Total profits of fishermen (rose?fell ?) from $87.50 to-$92.18 . d) Total consumer surplus (rose ?fell?) from $77.50 to $442.18 . 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 $140.00 to-$140.00 . c) Total consumers' surplus (rises ?falls?) from $35.00 to $490.00 . 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