02 May Question: Distribution of Types Number of Agents High-Cost Supplier (SC $30) Value Demander (BV 18 12 $40 H…
Distribution of Types Number of Agents High-Cost Supplier (SC $30) Value Demander (BV 18 12 $40 Hints 1 Calculate the values for all green cells 2 To calculate, don’t manually type in numbers like “4-2t” but rather create an equation by pointing to the rig 3 To replicate your equation, duplicate by “dragging” or copy-and-paste See video demo of hints 2 & 3 here: http://www.youtube.com/watch?va9A9gokEwX-s transaction data Seller’s Buyer’s Transaction Price Seller Cost Buyer Value Profit Profit Total Profit 35 28 18 18 18 10 10 10 10 30 30 40 40 20 20 40 40 40 40 40 40 40 40 20 40 40 20 31 35 20 15 15 10 10 10 10 12 13 14 15 16 17 35 16 30 10 30 30 10 35 18 Mean Totals:
Question 1: Read over and make sure you understand questions 1.1-1.2 in Bergstrom and Miller (B&M), Chapter 1 (posted on class schedule, also available on Canvas “Readings” folder). Complete the following problems (adapted from B&M end of chapter questions 1.3, 1.5-1.6, pp. 30-35). You will need to use data which appears in an Excel spreadsheet posted on Canvas (in the “Homework” folder). 1A. (problem 1.3) Complete the supply and demand tables below for the classroom market. These tables w be used to draw supply and demand curves. The information needed to complete these tables is found in the “Distribution of Types” table in the Excel spreadsheet. See pages 10 and II of Bå M for detailed instruetions on how to construct supply and demand tables. Table 1.11: Supply Table Table 1.12: Demand Table Price range P $40 $20
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