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Unformatted text preview: 45 50 55 Number of Fish Price of Fish CE1 CE2 Outcome Prediction Mean Price $2.50 $0.00 Number of Fish Sold 29 29 Total Fishermens' Profit-$67.56-$140.00 Total Demanders' Profit $437.56 $510.00 Total Profits All Participants $370.00 $370.00 Problem 2.6 a) The number of fish caught increased from 14 to 42 . b) The mean price of fish (rose?fell ?) from $17.39 to $2.50 . c) Total profits of fishermen (rose?fell ?) from $103.50 to-$67.56 . d) Total consumer surplus (rose ?fell?) from $66.50 to $437.56 . 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 $35.00 to $510.00 . 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.
- Fall '07