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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.
Is the open market, capitalist economic philosophy now the only viable model for fostering economic development and prosperity? Should (or could) the state play a more direct role in guiding the economy? How similar is the global economy of 2007 to t..
Suppose there are two types of shirts available to Carl: red shirts and black shirts Carl is always wiling to exchange three black shirts for one red shirt. What type of preferences is Carl exhibiting? Draw several indifference curves to illustrate C..
Suppose the store manager observes that the quantity demanded increases from 700 CD players to 1,300 CD players. Illustrate what is the price elasticity of demand for CD players.
One unit of labor can produce either 4 tons of papayas or 1 ton of bananas. Elucidate type of economic analysis is limited to testable, verifiable statements.
How many kilometers must a car be driven per year for leasing and buying to cost the same? Use 10% interest and year-end cost. Leasing: $0.15 per kilometer Buying: $5000 purchase cost, 3-year life, salvage $1200, $0.04 per kilometer for gas and oil, ..
Illustrate the significance of resource pricing explain rule or criteria of employing for resources under pure and perfect competition.
Which of the two units would you recommend ? What initial cost of machine A would make the two machines identical in overall cost? P.S. I need work shown please to know how to complete problem
Whenever there is an outflow of funds from any of the balance of payments accounts, it is recorded as a __________ , and called _______ .
A bank manager advises all of his loan officers that the average cost of funds for the bank over the past year
A pharmaceutical firm faces the following monthly demands in the U.S. and Mexican markets for one of its patented drugs: Find the demand, marginal revenue, and marginal cost curves for each market. Estimate the profit-maximizing prices and quantities..
A good is not depletable if:
You have a machine that costs $30,000 now and can be sold for $13,000 in year 4. The machine costs $12,000 each year to operate and the raw materials cost $10,000 each year. The machine produces 500 pieces each year. Using an interest rate of 7%, wha..
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