HW 4(section 15)

# HW 4(section 15) - Number of Units Problem 4.7 Session 1...

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Experiment 4 Section 15 Problem 4.1 Part a) \$50 Part b) \$15 Problem 4.2 Supply at prices above \$10? 36 Supply at prices below \$10? 0 Problem 4.3 Part a) No Part b) Average price paid by addicts? \$11.50 Average price paid by casual users? \$11.16 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 PricebyBuyers

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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 PricebyBuyers \$0 \$10 \$20 \$30 \$40 \$50 0 5 10 15 20 25 30 35 40 45 50 55 60
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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 16 8 8 Number of Units Consumed by Addicts 8 8 8 Number of Units Consumed by Casual Users 8 Total Amount of Money Spent on Drugs \$160.00 \$200.00 \$200.00 Total Revenue of Suppliers \$160.00 \$200.00 \$100.00 Total Profit of Demanders \$200.00 \$40.00 \$40.00 Total Profit of Suppliers \$0.00 \$0.00 \$0.00 Total Revenue of Police \$0.00 \$40.00 \$120.00...
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## This note was uploaded on 12/25/2011 for the course ECON 1 taught by Professor Bergstrom during the Fall '07 term at UCSB.

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HW 4(section 15) - Number of Units Problem 4.7 Session 1...

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