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Unformatted text preview: 45 50 55 Number of Fish Price of Fish CE1 CE2 Outcome Prediction Mean Price $4.23 $0.00 Number of Fish Sold 26 26 Total Fishermens' Profit-$30.00-$140.00 Total Demanders' Profit $350.00 $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 $14.35 to $4.23 . c) Total profits of fishermen (rose?fell ?) from $46.50 to-$30.00 . d) Total consumer surplus (rose ?fell?) from $88.50 to $350.00 . 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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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