HW 2(section 10)

HW 2(section 10) - Number of Fish Sold 40 42 $0 $5 $10 $15...

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Homework for Experiment 2. Section: 10 Problem 2.1 Table 2.6: Demand Table for Sessions 1 and 2 Price Range Amount Demanded P>$25 0 $20<P<$25 10 $5<P<$20 32 P<$5 42 Problem 2.2 Part a) How many fish will be supplied at a price of $15? 21 Part b) How many fish will be supplied at a price of $5? 21 Part c) How many fish will be supplied at a price of $1 21 Part d) What can you conclude about the supply curve for fish at positive prices? At all positive prices, 21 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 $16.04 $20.00 Number of Fish Sold 20 21 Total Fishermens' Profit $110.80 $210.00 Total Demanders' Profit $114.20 $50.00 Total Profits All Participants $225.00 $260.00 Problem 2.5 Table 2.8: Predictions and Outcomes in Session 2 Experimental Competitive Outcome Prediction Mean Price $3.00 $0.00
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Unformatted text preview: Number of Fish Sold 40 42 $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-$90.00-$210.00 Total Demanders' Profit $613.04 $740.00 Total Profits All Participants $523.04 $530.00 Problem 2.6 a) The number of fish caught increased from 21 to 63 . b) The mean price of fish (rose?fell ?) from $16.04 to $3.00 . c) Total profits of fishermen (rose?fell ?) from $110.80 to-$90.00 . d) Total consumer surplus (rose ?fell?) from $114.20 to $613.04 . 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 $210.00 to-$210.00 . c) Total consumers' surplus (rises ?falls?) from $50.00 to $740.00 . 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 10) - Number of Fish Sold 40 42 $0 $5 $10 $15...

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