HW 2(section 6)

HW 2(section 6) - Number of Fish $0 $5 $10 $15 $20 $25 $30...

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Homework for Experiment 2. Section: 6 Problem 2.1 Table 2.6: Demand Table for Sessions 1 and 2 Price Range Amount Demanded P>$25 0 $20<P<$25 7 $5<P<$20 22 P<$5 29 Problem 2.2 Part a) How many fish will be supplied at a price of $15? 15 Part b) How many fish will be supplied at a price of $5? 15 Part c) How many fish will be supplied at a price of $1 15 Part d) What can you conclude about the supply curve for fish at positive prices? At all positive prices, 15 fish will be supplied. Problem 2.3 Figure 2.2: Supply and Demand in Sessions 1 and 2. Problem 2.4 Table 2.7: Predictions and Outcomes in Session 1 Experimental Competitive Outcome Prediction Mean Price $16.27 $20.00 Number of Fish Sold 15 15 Total Fishermens' Profit $94.00 $150.00 Total Demanders' Profit $76.00 $35.00 Total Profits All Participants $170.00 $185.00 Problem 2.5 Table 2.8: Predictions and Outcomes in Session 2 Experimental Competitive Outcome Prediction Mean Price $2.41 $0.00
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Unformatted text preview: Number of Fish Sold 28 29 $0 $5 $10 $15 $20 $25 $30 5 10 15 20 25 30 35 40 45 50 55 Number of Fish PriceofFish CE1 CE2 Total Fishermens' Profit-$82.48-$150.00 Total Demanders' Profit $422.48 $510.00 Total Profits All Participants $340.00 $360.00 Problem 2.6 a) The number of fish caught increased from 15 to 45 . b) The mean price of fish (rose?fell ?) from $16.27 to $2.41 . c) Total profits of fishermen (rose?fell ?) from $94.00 to-$82.48 . d) Total consumer surplus (rose ?fell?) from $76.00 to $422.48 . Problem 2.7 a) The mean price of fish (rises?falls? ) from $20.00 to $0.00 . b) Total profits of fishermen (rises?falls ?) from $150.00 to-$150.00 . c) Total consumers' surplus (rises ?falls?) from $35.00 to $510.00 . Problem 2.8 a) if he expects the price of fish to be $3? no b) if he expects the price of fish to be $7? yes...
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HW 2(section 6) - Number of Fish $0 $5 $10 $15 $20 $25 $30...

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