Let us define Free agency as a professional athlete who is not under contract and is free to auction off his or her services and sign a contract with the team that offers the most money. Use a graph to show the effect of free agency on the wages paid by a team in the NHL. Assume that prior to free agency players could only play for the team that drafted them.
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- What is the figure use to calculate the economic impact of a sports even like the NFL super bowl?Question 1 According to the "Competency Curve", a Major League baseball player's ability to hit a baseball makes them a? Conscious Competent O Unconscious Incompetent O Unconscious Competent Journeyman3:22 l LTE Question 11 Unanswered 2 attempts left Many professional sports teams operate under a salary cap. This means that teams typically have a fixed amount of money that they can spend on players' salaries - that is, a salary cap. This is true of the National Basketball Association (NBA), for example. Suppose that the NBA has a salary cap of $100 million dollars, and a team has $30 million available to sign new players. That is, $70 million has already been committed to player salaries. The team has two further possibilities: either sign a star player for $30 million, or sign two good, solid supporting players for $15 million each. What is the opportunity cost of signing the star player, assuming the team spends its full budget? A 2 supporting players 1 star player $30 million D There is no opportunity cost B.
- The quote by Carl Sagan: "Absence of evidence is not evidence of absence." This quote implies that: AIf we cannot find evidence that there is discrimination, then discrimination doesn't exist. B If we cannot find evidence that discrimination in sports exist, doesn't mean that discrimination doesn't exist. C If we find evidence of discrimination, then discrimination exist. D If we find evidence of discrimination, then it is still possible that discrimination doesn't exist. E If we cannot find evidence that there is discrimination, then discrimination exist.From an economic perspective, the efforts of professional football, baseball, and basketball players in the United States to win the right to become free agents was really an effort to a. Raise wages to the level of the players' MRP. b. Raise wages to competitive levels. c. Reduce the supply of professional players and thus increase wages. d. Raise wages above the level of the players' MRP.O NBA O DraftKing x FantasyLa X Sportsbo x G NBA Pick x A NBA Play x Mail - M X Economi X B Chapter X + -> A d2l.mu.edu/d2l/le/content/428623/viewContent/3314398/View A E Apps M Gmail O YouTube Maps Connect - To Do As... Lineups Untitled Document... 10-Game Log $1,200 1,100 S 1,000 900 800 700 600 500 400 300 200 100 50 100 150 200 250 300 350 400 450 500 550 Quantity of pigs 12. (Figure: Negative Externalities and Raising Pigs for Pork) Refer to the figure Negative Externalities and Raising Pigs for Pork. If the marginal external cost of raising a pig for pork is $200, then the socially optimal quantity of pigs to raise is socially optimal price is A) 150; $900 B) 200; $800 and the C) 250; $700 D) 300; $800 17 >> 5:56 PM P Type here to search 100% 4/20/2021 ...
- Is there salary fairness in professional sports?Suppose that Congress passes a law requiringemployers to provide employees some benefit (suchas healthcare) that raises the cost of an employee by$4 per hour.a. What effect does this employer mandate haveon the demand for labor? (In answering this andthe following questions, be quantitative whenyou can.)b. If employees place a value on this benefit exactlyequal to its cost, what effect does this employermandate have on the supply of labor?c. If the wage can freely adjust to balance supply anddemand, how does this law affect the wage andthe level of employment? Are employers better orworse off? Are employees better or worse off?d. Suppose that, before the mandate, the wage in thismarket was $3 above the minimum wage. In thiscase, how does the employer mandate affect thewage, the level of employment, and the level ofunemployment?e. Now suppose that workers do not value themandated benefit at all. How does this alternativeassumption change your answers to parts(b) and (c)?12. Revenues for each of the four teams in the professional Nintendo® gaming league are given below: a. Which of the following diagrams correctly displays the Lorenz Curve for revenues in this league? Team George Team Paul Team Ringo Team John % of all revenues C. % of all REVENUES $40,000 $10,000 $20,000 $20,000 % of all teams % of all b. d. zbo % REVENUES % of all REVENUES % of all teams. of of all
- O NBA O DraftKing x FantasyLa X Sportsbo x G NBA Pick x A NBA Play x Mail - M X Economi X B Chapter X + -> A d2l.mu.edu/d2l/le/content/428623/viewContent/3314398/View A E Apps M Gmail O YouTube Maps Connect - To Do As... Lineups Untitled Document.. 10-Game Log $55 50 45 40 35 30 25 20 15 10 100 200 300 400 500 600 700 800 900 Quantity of chips 8. (Figure: Positive Externalities and the Production of Semiconductor Chips) Look at the figure Positive Externalities and the Production of Semiconductor Chips. If the marginal external benefit of producing a chip is $10, then the socially optimal quantity of chips is and the socially optimal price is A) 200; $20 B) 300; $25 C) 500; $35 D) 600; $20 3 17 >> 5:54 PM P Type here to search 100% 4/20/2021 ...A current debate in education is whether teachersshould be paid on a standard pay scale based solelyupon their years of training and teaching experience,or whether part of their salary should be based upontheir performance (called “merit pay”).a. Why might merit pay be desirable?b. Who might be opposed to a system of merit pay?c. What is a potential challenge of merit pay?d. A related issue: Why might a school district decideto pay teachers significantly more than the salariesoffered by surrounding districts?Using MRP, explain why athletes typically are not included in the top salaries for celebrities in the United States