hwk2_section12

hwk2_section12 - 40 45 50 55 Number of Fish Price of Fish...

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Homework for Experiment 2. Section: 12 Problem 2.1 Table 2.6: Demand Table for Sessions 1 and 2 Price Range Amount Demanded P>$25 0 $20<P<$25 6 $5<P<$20 20 P<$5 26 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 $14.81 $20.00 Number of Fish Sold 13 14 Total Fishermens' Profit $52.50 $140.00 Total Demanders' Profit $92.50 $30.00 Total Profits All Participants $145.00 $170.00 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
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Unformatted text preview: 40 45 50 55 Number of Fish Price of Fish CE1 CE2 Outcome Prediction Mean Price $3.02 $0.00 Number of Fish Sold 27 26 Total Fishermens' Profit-$58.50-$140.00 Total Demanders' Profit $403.50 $460.00 Total Profits All Participants $345.00 $320.00 Problem 2.6 a) The number of fish caught increased from 14 to 42 . b) The mean price of fish (rose?fell ?) from $14.81 to $3.02 . c) Total profits of fishermen (rose?fell ?) from $52.50 to-$58.50 . d) Total consumer surplus (rose ?fell?) from $92.50 to $403.50 . 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 $30.00 to $460.00 . 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_section12 - 40 45 50 55 Number of Fish Price of Fish...

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