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HW2Sec4

HW2Sec4 - \$0.00 Number of Fish Total Fishermens...

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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 5 \$5<P<\$20 15 P<\$5 20 Problem 2.2 Part a) How many fish will be supplied at a price of \$15? 10 Part b) How many fish will be supplied at a price of \$5? 10 Part c) How many fish will be supplied at a price of \$1 10 Part d) What can you conclude about the supplyl curve for fish at positive prices? At all positive prices, 10 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 \$17.85 \$20.00 Number of Fish Sold 10 10 Total Fishermens' Profit \$78.50 \$100.00 Total Demanders' Profit \$46.50 \$25.00 Total Profits All Participants \$125.00 \$125.00 Problem 2.5 Table 2.8: Predictions and Outcomes in Session 2 Experimental Competitive Outcome Prediction Mean Price \$2.69
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Unformatted text preview: \$0.00 Number of Fish Sold 20 20 Total Fishermens' Profit-\$46.24-\$100.00 Total Demanders' Profit \$296.24 \$350.00 Total Profits All Participants \$250.00 \$250.00 Problem 2.6 a) The number of fish caught increased from 10 to 30 . \$17.85 to \$2.69 . \$78.50 to-\$46.24 . \$46.50 to \$296.24 . Problem 2.7 \$20.00 to \$0.00 . \$100.00 to-\$100.00 . \$25.00 to \$350.00 . 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...
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