HW7Sec4

# HW7Sec4 - supply price 0 0 60 0 0 3 3 13 13 17 17 demand...

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supply demand quantity price price 0 0 0 5 60 5 0 30 0 21 3 21 3 16 13 16 13 11 17 11 17 0 0 5 10 15 20 25 30 35 40 45 50 55 60 \$0 \$5 \$10 \$15 \$20 \$25 \$30 Number of Tickets Price of Tickets

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Problem 7.1 Table 7.13: Experimental Outcomes: Session 2 Mean Price \$15.00 Total Number of Units Sold 12 Total Profits of All Firms \$120.00 Total Consumers' Surplus \$27.00 Sum of Firms' Profits and Consumers' Surplus \$147.00 Problem 7.2 Part a) At prices below \$5, how many units will the firm supply? 0 At prices above \$5, how many units will the firm supply? 100 Parts b and c) Figure 7.6: Competitive Supply and Demand Problem 7.3 Table 7.14: Competitive Predictions Mean Price \$5 Total Number of Units Sold 17 Total Profits of All Firms \$0 Total Consumers' Surplus \$182 Sum of Firms' Profits and Consumers' Surplus \$182 Problem 7.4 Table 7.15: Monopoly Predictions Mean Price \$15 Total Number of Units Sold 13 Total Profits of All Firms \$130 Total Consumers' Surplus \$28 Sum of Firms' Profits and Consumers' Surplus \$158 Problem 7.5
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HW7Sec4 - supply price 0 0 60 0 0 3 3 13 13 17 17 demand...

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