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IN-CLASS HANDOUT – 02.14.24
Sports Economics, ECON 315
Please submit a file upload of the handout to Canvas shortly after class by the due date listed in Canvas. You must be present in Allen 1002 during class hours to receive credit for the in-class handout.
1)
How have the costs of hosting the Olympics changed over the last fifty years?
2)
Did the number of cities/countries bidding for the 2022, 2024, and 2028 Olympic games increase or decrease relative to previous two decades?
3)
List three potential benefits (excluding TV revenues and ticket sales) that a city/country could gain from hosting the Olympics?
4)
What is the framework that is used to analyze long-term investments?
5)
List two potential economic reforms to the Olympic hosting process that could increase the NPV of hosting the Olympics. 6)
Consider the following problem. If Boston hosts the Olympics, it will receive $100,000 in exactly one year from now, receive $100,000 exactly two years from now, and receive $100,000 exactly three years from now. At the end of three years, Boston will be able to resell the new Olympic stadiums for $250,000. Suppose Boston must invest $475,000 to build infrastructure to host the Olympics and that the interest rate is 7%. Use the formula for NPV listed below to help you solve for the NPV of the Boston Olympics (in the interest of time, you can “setup” the problem without calculating the values. NPV
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7)
While governments or firms will want to invest in projects with positive NPV, they must often make choices among competing projects with positive NPV. That is, they must consider the opportunity costs of various projects. Name a process that firms/governments can use to decide between competing projects.
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Homework Answered Due Sep 7th, 11:59 PM
.
After much consideration, you have chosen Ireland over Spain for your Study Abroad program next year. However, the deadline for
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Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer.
The marginal benefit of going to Spain increases.
b The marginal cost of going to Spain increases.
The marginal benefit of going to Ireland increases.
The marginal cost of going to Ireland decreases.
X
Your answer
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600
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x MindTap - Cengage Leaming
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ristopher Lee v
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Place the black point (plus symbol) on the graph to indicate the short-run profit-maximizing price and quantity for this monopolistically competitive
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CPU
Total
Marginal
Total
Marginal
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Benefit
Cost
Costs
2.0
$1,000
$900
2.5
$1,400
$ 100
3.0
$300
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3.5
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$ 1,500
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$2,000
$ 400
The marginal cost of upgrading from a 2.5GHz to 3.0GHz
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O $400.
O $300.
$200.
O $100.
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The marginal cost and marginal benefits to Gawanza of reducing CO2 will be lowest in the last few years of implementing this plan.
The marginal cost of reducing CO2 will be the highest and marginal benefits of reducing CO2 will be the lowest in year ten.
The marginal cost of reducing CO2 will be the highest and marginal benefits of reducing CO2 will be the lowest in year ten.
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CPU
Total
Marginal Total Marginal
GHz
Benefit
Benefit
Cost
Costs
2.0
$1,000
$900
2.5
$1,400
$100
$1,200
$1,500
3.0
$300
3.5
$1,900
4.0
$2,000
$400
The total benefit of a 3.0GHZ computer is:
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Attempts
EDUC 214 Sp2023
Output (Q)
1
2
3
5. Study Questions and Problems #5
4
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Consider the following cost data for a perfectly competitive firm in the short run. Assume the market price is $150, and fill in the remaining cells of the
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(Dollars)
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120.00
100.00
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290.00
430.00
True or False: In the…
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Those who stand to lose have an incentive to exaggerate their true costs.
Not everyone asked will be using the bridge.
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Total
Marginal Total |Marginal
GHz
Benefit
Benefit
Cost
Costs
2.0
$1,000
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$1,400
$100
3.0
$300
$1,200
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$1,900
$1,500
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$
MCC
MDC
emissions
$
MDC
MCC
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software developer should spend in training. (Note that MB = 100 – 4Q, MC = 10, and
also that time can be measured in fractions of one hour.)
a. What level of Q maximizes the total benefits of your newly introduced training pro-
gram?
b. What level of Q minimizes the total costs of the program?
c. What level of Q maximizes the net benefits?
d. What level of training is optimal? Why?
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Suppose Bangladesh is open to free trade in the world market for maize. Since Bangladesh is small relative to the international market, the demand
for and supply of maize in Bangladesh have no impact on the world price. The following graph shows the domestic market for maize in Bangladesh.
The world price of a ton of maize is Pw = $800.
On the following graph, use the green triangle (triangle symbols) to shade the area representing consumer surplus (CS) when the economy is at the
free-trade equilibrium. Then, use the purple triangle (diamond symbols) to shade the area representing producer surplus (PS).
PRICE (Dollars per ton)
3
1280
Domestic Demand
Domestic Supply
1220
1160
1100
1040
980
920
860
800
740
680
25
50
75 100 125 150
QUANTITY (Tons of maize)
200 225
250
24
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PS
MacBook Pro
music
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