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# hwk2sec5 - 45 50 55 Number of Fish Price of Fish CE1 CE2...

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Homework for Experiment 2. Section: 5 Problem 2.1 Table 2.6: Demand Table for Sessions 1 and 2 Price Range Amount Demanded P>\$25 0 \$20<P<\$25 7 \$5<P<\$20 21 P<\$5 28 Problem 2.2 Part a) How many fish will be supplied at a price of \$15? 14 Part b) How many fish will be supplied at a price of \$5? 14 Part c) How many fish will be supplied at a price of \$1 14 Part d) What can you conclude about the supply curve for fish at positive prices? At all positive prices, 14 fish will be supplied. Problem 2.3 Figure 2.2: Supply and Demand in Sessions 1 and 2. Problem 2.4 Table 2.7: Predictions and Outcomes in Session 1 Experimental Competitive Outcome Prediction Mean Price \$17.18 \$20.00 Number of Fish Sold 14 14 Total Fishermens' Profit \$100.50 \$140.00 Total Demanders' Profit \$74.50 \$35.00 Total Profits All Participants \$175.00 \$175.00 Problem 2.5 Table 2.8: Predictions and Outcomes in Session 2 Experimental Competitive \$0 \$5 \$10 \$15 \$20 \$25 \$30 0 5 10 15 20 25 30 35 40

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Unformatted text preview: 45 50 55 Number of Fish Price of Fish CE1 CE2 Outcome Prediction Mean Price \$1.96 \$0.00 Number of Fish Sold 28 28 Total Fishermens' Profit-\$84.99-\$140.00 Total Demanders' Profit \$434.99 \$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 \$17.18 to \$1.96 . c) Total profits of fishermen (rose?fell ?) from \$100.50 to-\$84.99 . d) Total consumer surplus (rose ?fell?) from \$74.50 to \$434.99 . 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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