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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.
Coca-Cola and PepsiCo are the leading competitors in the market for cola products. In 1960 Coca-Cola introduced Sprite, which today is the worldwide leader in the lemon-lime soft drink market and ranks fourth among all soft drinks worldwide. If you w..
Illustrate what will be the cumulative effects including the multiplier for each of the above three policy choices.
12. mrs. smith is operating a firm in a competitive market. the market price is 6.50. at her profit-maximizing level of
1. There is a fruit seller who has 30 Kgs of apples to be sold and he wants to fix a price so that all the apples are sold. There are three customers in the market and their individual demand functions are given below:
In the long run, all thing equal, a decrease in the government deficit is likely to
Does a tug of war between AVC and AFC eventually take place?
Define and discuss the importance of the time value of money concepts including compounding (future value), discounting (present value), and annuities. Why do organization leaders need to understand these concepts?
This week requires the student to address TWO unresolved issues in macroeconomics, each of which is central to current political debates. Students are required to use information and tools that they have accumulated in their study of the text and ..
In the long run, if the Bank of Canada decreases the rate at which it increases the money supply, what will happen to inflation and unemployment?
If the firm's MARR is increased to 25%, what would be the required savings in leasing so that the project would remain profitable.
Decrease DEMAND (finding alternatives to oil). Graph how these two changes will bring about lower gas prices. Which school of thought do you subscribe to?
q.suppose a factory can produce a shirt for the equivalent cost of 2 loaves of bread and a household can produce a
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