HW 7(section 6)

# HW 7(section 6) - Experiment 7 Section 6 Problem 7.1 Table...

This preview shows pages 1–2. Sign up to view the full content.

Experiment 7 Section 6 Problem 7.1 Table 7.13: Experimental Outcomes: Session 2 Mean Price \$14.53 Total Number of Units Sold 19 Total Profits of All Firms \$181.00 Total Consumers' Surplus \$53.00 Sum of Firms' Profits and Consumers' Surplus \$234.00 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 30 Total Profits of All Firms \$0 Total Consumers' Surplus \$305 Sum of Firms' Profits and Consumers' Surplus \$305 \$0 \$5 \$10 \$15 \$20 \$25 \$30 0 5 10 15 20 25 30 35 40 45 50 55 60 Number of Tickets PriceofTickets

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
Problem 7.4 Table 7.15: Monopoly Predictions Mean Price \$15 Total Number of Units Sold 20 Total Profits of All Firms \$200 Total Consumers' Surplus \$45 Sum of Firms' Profits and Consumers' Surplus \$245 Problem 7.5 Which of the two theories comes closer to predicting
This is the end of the preview. Sign up to access the rest of the document.

## This note was uploaded on 12/25/2011 for the course ECON 1 taught by Professor Bergstrom during the Fall '07 term at UCSB.

### Page1 / 2

HW 7(section 6) - Experiment 7 Section 6 Problem 7.1 Table...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document
Ask a homework question - tutors are online