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1. A player earns $900,000 a year. The player's statistics indicate that his marginal product of terms of winning percentage is .02. For example, if this players joined a club that was playing 500 ball, ie winning half of its games, then the team's winning percentage would rise to 0.520.
How much must the marginal revenue of a win be for this player to be underpaid? Explain.
2. A baseball player earns $1,650,000 a year. Scully estimated that an increase by 1 in the number of games won raises revenues by $286,911. Explain to the general manager of this player's team how you would decide if the player was overpaid, underpaid, or paid the right amount
3. You estimated that an increase by 1 in the number of games won raises team revenues by $250,000. You have determined that each rebound per game increases games won by 0.4 and each point per game raises games won by 0.1. A basketball player is seeking a contract worth $750,000 a year. The player averages 5 rebounds and 20 points per game. Explain to the general manager of your team whether or not to sign the player.
Southwest Airlines (SWA) is planning to expand its fleet of jets to replace some old planes and to expand its routes. It has received a proposal from Boeing to purchase some old planes and to expand its routes. It has received a proposal to purcha..
Explain why this firm would not try to sell more output by undercutting the market price. A calculation is not necessary but you may choose to use it as your explanation. What will happen in this industry in the long run
A clinic uses doctors and nurses optimally and is servicing the maximum number of patients given a limited annual payroll. The last doctor hired treated 1,600 extra patients in a year, while the last nurse hired treated 1,000 extra patients in a y..
You are planning to build a new home with approximately 2,000-2,500 gross square feet living space on one floor. In addition, you are planning an attached two car garage (storage space) of approximately 450 gross square feet.
Over a period of years, a toothpaste has received a mean rating of 5.9, on a 7-point scale, for overall customer satisfaction with the product. Because of a minor unadvertised change in the product, there is concern that the customer satisfaction ..
in a random sample of 25 individuals, you find the average to be 44.473 movies with a sample variance of 81. what is the p value for a two tailed hypothesis test where the null is that the tru population value is 40 movies
Two cournot duopolists produce in a market with a demand P(Q)=100-Q. The marginal cost for Firm 1 is constant and equals 10. The marginal cost for Firm 2 is constant and equals 25. The two firms want to merge, which would leave a monopoly.
If the PowerBall lottery has $100 million prize, and tickets cost $1.00 each, and there are 500 million tickets sold, what is the expected value of each ticket Is it rational to purchase a ticket What if you know that only 50 million tickets have ..
Consider a monopolistically competitive market with N firms. Each firm's business opportunities are described by the following equations: Demand: Q=100/N-P Marginal Revenue: MR=100/N-2Q Total cost: TC=50+Q(squared) Marginal Cost: MC=2Q
Suppose a special tax was introduced that used the value of one's automobile as the tax base. Each person would pay taxes equal to 10 percent of the value of his or her car. Would the tax be proportional, progressive, or regressive
U(Y, l) = Y^1/2 l^1/2, where Y= income, l= leisure hours, w= wage rate, price of Y =$1, NL is non-wage income and T is the maximum number of hours available. Let ‘t' be the tax rate on the hourly wage rate, so the effective wage rate is w(1-t) = w..
Assume the demand function for basketballs is given by QD=150-3P+0.1i where P=the price of basketballs and I=average income of consumers. Also, assume the supply of basketballs is given by QS=2P. If the market for basketballs is perfectly competit..
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