This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: 45 50 55 Number of Fish Price of Fish CE1 CE2 Outcome Prediction Mean Price $1.67 $0.00 Number of Fish Sold 31 31 Total Fishermens' Profit-$108.19-$160.00 Total Demanders' Profit $478.19 $550.00 Total Profits All Participants $370.00 $390.00 Problem 2.6 a) The number of fish caught increased from 16 to 48 . b) The mean price of fish (rose?fell ?) from $16.31 to $1.67 . c) Total profits of fishermen (rose?fell ?) from $101.00 to-$108.19 . d) Total consumer surplus (rose ?fell?) from $74.00 to $478.19 . 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 $550.00 . 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...
View Full Document
- Fall '07
- Supply And Demand, economic surplus, Fish Sold