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Unformatted text preview: 40 45 50 55 Number of Fish Price of Fish CE1 CE2 Outcome Prediction Mean Price $4.76 $0.00 Number of Fish Sold 33 30 Total Fishermens' Profit-$3.00-$160.00 Total Demanders' Profit $443.00 $530.00 Total Profits All Participants $440.00 $370.00 Problem 2.6 a) The number of fish caught increased from 16 to 48 . b) The mean price of fish (rose?fell ?) from $15.12 to $4.76 . c) Total profits of fishermen (rose?fell ?) from $97.00 to-$3.00 . d) Total consumer surplus (rose ?fell?) from $108.00 to $443.00 . 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 $160.00 to-$160.00 . c) Total consumers' surplus (rises ?falls?) from $35.00 to $530.00 . 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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This note was uploaded on 12/25/2011 for the course ECON 1 taught by Professor Bergstrom during the Fall '07 term at UCSB.
- Fall '07