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Category > Economics Posted 02 Jun 2017 My Price 5.00

Each day 1,000 fishing boats return to port with the fish that have been caught

Each day 1,000 fishing boats return to port with the fish that have been caught. These fish must be sold within a few hours or they will spoil. All of the fish are brought to a single marketplace, and each fisher places a price on the fish he or she has for sale. a. How would a fisher know that his or her price was too high?

b. How would a fisher know that his or her price was too low?

c. As the day progresses, what would you expect to happen to the prices posted by the fishers?

 

Answers

Alpha Geek
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Status NEW Posted 02 Jun 2017 08:06 AM My Price 5.00

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file 1496391119-Answer.docx preview (165 words )
E-----------ach----------- da-----------y 1-----------,00-----------0 f-----------ish-----------ing----------- bo-----------ats----------- re-----------tur-----------n t-----------o p-----------ort----------- wi-----------th -----------the----------- fi-----------sh -----------tha-----------t h-----------ave----------- be-----------en -----------cau-----------ght-----------. T-----------hes-----------e f-----------ish----------- mu-----------st -----------be -----------sol-----------d w-----------ith-----------in -----------a f-----------ew -----------hou-----------rs -----------or -----------the-----------y w-----------ill----------- sp-----------oil-----------. A-----------ll -----------of -----------the----------- fi-----------sh -----------are----------- br-----------oug-----------ht -----------to -----------a s-----------ing-----------le -----------mar-----------ket-----------pla-----------ce,----------- an-----------d e-----------ach----------- fi-----------she-----------r p-----------lac-----------es -----------a p-----------ric-----------e o-----------n t-----------he -----------fis-----------h h-----------e o-----------r s-----------he -----------has----------- fo-----------r s-----------ale-----------. a-----------. H-----------ow -----------wou-----------ld -----------a f-----------ish-----------er -----------kno-----------w t-----------hat----------- hi-----------s o-----------r h-----------er -----------pri-----------ce -----------was----------- to-----------o h-----------igh-----------? -----------b. -----------How----------- wo-----------uld----------- a -----------fis-----------her----------- kn-----------ow -----------tha-----------t h-----------is -----------or -----------her----------- pr-----------ice----------- wa-----------s t-----------oo -----------low-----------? -----------c. -----------As -----------the----------- da-----------y p-----------rog-----------res-----------ses-----------, w-----------hat----------- wo-----------uld----------- yo-----------u
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