hwk2sec14

# hwk2sec14 - 45 50 55 Number of Fish Price of Fish CE1 CE2...

This preview shows pages 1–2. Sign up to view the full content.

Homework for Experiment 2. Section: 14 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 \$16.21 \$20.00 Number of Fish Sold 14 14 Total Fishermens' Profit \$87.00 \$140.00 Total Demanders' Profit \$88.00 \$30.00 Total Profits All Participants \$175.00 \$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 40

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 45 50 55 Number of Fish Price of Fish CE1 CE2 Outcome Prediction Mean Price \$0.78 \$0.00 Number of Fish Sold 26 26 Total Fishermens' Profit-\$119.65-\$140.00 Total Demanders' Profit \$439.65 \$460.00 Total Profits All Participants \$320.00 \$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 \$16.21 to \$0.78 . c) Total profits of fishermen (rose?fell ?) from \$87.00 to-\$119.65 . d) Total consumer surplus (rose ?fell?) from \$88.00 to \$439.65 . 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...
View Full Document

{[ snackBarMessage ]}

### Page1 / 2

hwk2sec14 - 45 50 55 Number of Fish Price of Fish CE1 CE2...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document
Ask a homework question - tutors are online