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hwk2_section8

# hwk2_section8 - 45 50 55 Number of Fish Price of Fish CE1...

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Homework for Experiment 2. Section: 8 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 24 P<\$5 31 Problem 2.2 Part a) How many fish will be supplied at a price of \$15? 16 Part b) How many fish will be supplied at a price of \$5? 16 Part c) How many fish will be supplied at a price of \$1 16 Part d) What can you conclude about the supply curve for fish at positive prices? At all positive prices, 16 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 \$16.31 \$20.00 Number of Fish Sold 16 16 Total Fishermens' Profit \$101.00 \$160.00 Total Demanders' Profit \$74.00 \$35.00 Total Profits All Participants \$175.00 \$195.00 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 \$1.67 \$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...
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hwk2_section8 - 45 50 55 Number of Fish Price of Fish CE1...

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