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HW 7(section 15)

# HW 7(section 15) - Experiment 7 Section 15 Problem 7.1...

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Experiment 7 Section 15 Problem 7.1 Table 7.13: Experimental Outcomes: Session 2 Mean Price \$15.00 Total Number of Units Sold 18 Total Profits of All Firms \$180.00 Total Consumers' Surplus \$43.00 Sum of Firms' Profits and Consumers' Surplus \$223.00 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 27 Total Profits of All Firms \$0 Total Consumers' Surplus \$282 Sum of Firms' Profits and Consumers' Surplus \$282 \$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 19 Total Profits of All Firms \$190 Total Consumers' Surplus \$44 Sum of Firms' Profits and Consumers' Surplus \$234 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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