hwk2sec5

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

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