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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This note was uploaded on 12/25/2011 for the course ECON 1 taught by Professor Bergstrom during the Fall '07 term at UCSB.

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

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