Hw2Sec10

Hw2Sec10 - Number of Fish Total Fishermens Profit...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Homework for Experiment 2 Problem 2.1 Table 2.6: Demand Table for Sessions 1 and 2 Price Range Amount Demanded P>$25 0 $20<P<$25 4 $5<P<$20 13 P<$5 17 Problem 2.2 Part a) How many fish will be supplied at a price of $15? 9 Part b) How many fish will be supplied at a price of $5? 9 Part c) How many fish will be supplied at a price of $1 9 Part d) What can you conclude about the supplyl curve for fish at positive prices? At all positive prices, 9 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 $15.75 $20.00 Number of Fish Sold 8 9 Total Fishermens' Profit $36.00 $90.00 Total Demanders' Profit $44.00 $20.00 Total Profits All Participants $80.00 $110.00 Problem 2.5 Table 2.8: Predictions and Outcomes in Session 2 Experimental Competitive Outcome Prediction Mean Price $5.71 $0.00
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Number of Fish Sold 17 17 Total Fishermens' Profit $6.99-$90.00 Total Demanders' Profit $203.01 $300.00 Total Profits All Participants $210.00 $210.00 Problem 2.6 a) The number of fish caught increased from 9 to 27 . $15.75 to $5.71 . $36.00 to $6.99 . $44.00 to $203.01 . Problem 2.7 $20.00 to $0.00 . $90.00 to-$90.00 . $20.00 to $300.00 . 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 b) The mean price of fish (rose?fell ?) from c) Total profits of fishermen (rose?fell ?) from d) Total consumer surplus (rose ?fell?) from a) The mean price of fish (rises?falls? ) from b) Total profits of fishermen (rises?falls ?) from c) Total consumers' surplus (rises ?falls?) from 5 10 15 20 25 30 35 40 45 50 55 5 10 15 20 25 30 Number of Fish Price of Fish CE1 CE2...
View Full Document

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

Ask a homework question - tutors are online