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HW 4(section 6)

HW 4(section 6) - Number of Units Problem 4.7 Session 1...

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Experiment 4 Section 6 Problem 4.1 Part a) $50 Part b) $15 Problem 4.2 Supply at prices above $10? 38 Supply at prices below $10? 0 Problem 4.3 Part a) No Part b) Average price paid by addicts? $13.11 Average price paid by casual users? $12.19 Part c) Yes Problem 4.4. Figure 4.4: Demand and Supply in Session 1 $0 $10 $20 $30 $40 $50 0 5 10 15 20 25 30 35 40 45 50 55 60 Number of Units Price by Buyers
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Problem 4.5 Figure 4.5: Demand and Supply in Session 2 Problem 4.6 Figure 4.6: Demand and Supply in Session 3 $0 $10 $20 $30 $40 $50 0 5 10 15 20 25 30 35 40 45 50 55 60 Number of Units Price by Buyers $0 $10 $20 $30 $40 $50 0 5 10 15 20 25 30 35 40 45 50 55
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Unformatted text preview: Number of Units Problem 4.7 Session 1 Session 2 Session 3 Mean Price $10.00 $25.00 $25.00 Number of Transactions 18 9 9 Number of Units Consumed by Addicts 9 9 9 Number of Units Consumed by Casual Users 9 Total Amount of Money Spent on Drugs $180.00 $225.00 $225.00 Total Revenue of Suppliers $180.00 $225.00 $112.50 Total Profit of Demanders $225.00 $45.00 $45.00 Total Profit of Suppliers $0.00 $0.00 $0.00 Total Revenue of Police $0.00 $45.00 $135.00...
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