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HW7-Section3 - Experiment 7 Section 3 Problem 7.1 Table...

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Experiment 7 Section 3 Problem 7.1 Table 7.13: Experimental Outcomes: Session 2 Mean Price $13.92 Total Number of Units Sold 24 Total Profits of All Firms $214.00 Total Consumers' Surplus $60.00 Sum of Firms' Profits and Consumers' Surplus $274.00 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 29 Total Profits of All Firms $0 Total Consumers' Surplus $304 Sum of Firms' Profits and Consumers' Surplus $304 $0 $5 $10 $15 $20 $25 $30 0 5 10 15 20 25 30 35 40 45 50 55 60 Number of Tickets Price of Tickets
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Problem 7.4 Table 7.15: Monopoly Predictions Mean Price $15 Total Number of Units Sold 21 Total Profits of All Firms $210 Total Consumers' Surplus $46 Sum of Firms' Profits and Consumers' Surplus $256 Problem 7.5 Which of the two theories comes closer to predicting the results of Session 2? Monopoly Theory Problem 7.6 Table 7.16: Experimental Outcomes: Session 3 Mean Price
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