HW 2(section 15)

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

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Homework for Experiment 2. Section: 15 Problem 2.1 Table 2.6: Demand Table for Sessions 1 and 2 Price Range Amount Demanded P>$25 0 $20<P<$25 6 $5<P<$20 21 P<$5 27 Problem 2.2 Part a) How many fish will be supplied at a price of $15? 14 Part b) How many fish will be supplied at a price of $5? 14 Part c) How many fish will be supplied at a price of $1 14 Part d) What can you conclude about the supply curve for fish at positive prices? At all positive prices, 14 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 $16.07 $20.00 Number of Fish Sold 15 14 Total Fishermens' Profit $101.00 $140.00 Total Demanders' Profit $84.00 $30.00 Total Profits All Participants $185.00 $170.00 Problem 2.5 Table 2.8: Predictions and Outcomes in Session 2 Experimental Competitive Outcome Prediction Mean Price $0.36 $0.00
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Unformatted text preview: Number of Fish Sold 27 27 $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-$130.27-$140.00 Total Demanders' Profit $470.27 $480.00 Total Profits All Participants $340.00 $340.00 Problem 2.6 a) The number of fish caught increased from 14 to 42 . b) The mean price of fish (rose?fell ?) from $16.07 to $0.36 . c) Total profits of fishermen (rose?fell ?) from $101.00 to-$130.27 . d) Total consumer surplus (rose ?fell?) from $84.00 to $470.27 . 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 $140.00 to-$140.00 . c) Total consumers' surplus (rises ?falls?) from $30.00 to $480.00 . 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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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 2(section 15) - Number of Fish $0 $5 $10 $15 $20 $25 $30...

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