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Explain your answers clearly and coherently -- pretend that you are explaining your answer to someone who is not in this class. If you only write one sentence, your explanation is not adequate. All answers must be in your own words.
1. (5.2 from the text) Explain how the law of diminishing returns provides a natural tendency towards competitive balance. [HINT: Think about the impact on competitive balance if an NFL team signed the top 3 quarterbacks in the league. How much would the 2nd and 3rd quarterback help the team?]
2. (A) Explain in your own words what the standard deviation measures -- do not give me a definition or copy an explanation. (B) How can we use the standard deviation to measure a league's competitive balance within a season? How would we use it to measure competitive balance across seasons? (C) If the standard deviation of winning percentages among teams in a league is 0.2, how would you interpret that number?
3. (5.6 from the text) What is free agency? Why do economists believe that free agency doesn't really affect competitive balance?
4. Go to https://www.forbes.com/lists (Links to an external site.). Pick two of the 4 major sports in the US (NFL, NHL, MLB, and NBA). Which league (of the 2 you chose) has a more equal distribution of revenue? Explain carefully how you are analyzing the data and what you found. NOTE: This question will be graded based on your explanation, not on your answer -- i.e. if I do not understand your explanation you will not receive credit.
The market demand for a good is Q=20-P. The monopoly supplier of the good has a cost function C=Q2. If the monopolist were to charge the same price for all goods, how much would it charge? How much would it supply? How much profit would it earn? How ..
A prisoners dilemma leads to a noncooperative equilibrium. A natural monopoly is characterized by large fixed costs relative to variable costs. The market price of a factor of production that is in fixed is determined only by demand.
If we accept Marx's labour theory of value, we run into a different problem: if a working day of 8 hours creates same amount of value in a highly mechanized industry as in an industry with few machines, why do capitalists introduce machines.
Suppose that Bill, a resident of the U.S., buys software from a company in Japan. Explain why and in what direction this changes U.S. net exports and U.S. net capital outflow.
What is the equal-payment series for 10 years that is equivalent to a payment series starting with $15,000 at the end of the first year and decreasing by $3,000 each year over 10 years? Interest is 9% compounded annually.
What would be the effect of a $5000 increase in the competitors' advertisement expenditure and outlet demand curve c) What would joy's advertising expenditure have to be to counteract this effect?
The law of diminishing marginal utility states that:
Will it shift to the right or left? Where will the equilibrium be on the LRAS now? What is the correct answer here and why?
The study that estimates that in the United States the multiplier value is equal to 1.62, is carried out by----
What is minimum-cost blend that will meet quality standards and provide 1000 pounds of blended coffee product. What is cost per pound for coffee blend. Determine aroma and taste ratings for coffee blend.
Map out how you think your potential customer goes about making his or her purchase decision for the product/service your venture will market. What are the key internal influences (e.g., motivation) and external influences (e.g., personal influences)..
Your company is bidding on a system design project. It is your job to design the system architecture. How will you balance the need for scalability against the need to keep costs as low as possible to win the bid?
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