Consider the same marginal revenue functions. Suppose now that teams must share 40% of their revenues (gate receipts) with the opposing team. MRL = 125 - 125 WL MRS = 65 - 65 WS Find the following: a) Equilibrium win percents for the both the large market and small market teams. b) Price of talent. c) Payrolls for the large market and small market teams.
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Consider the same marginal revenue functions. Suppose now that teams must share 40% of their revenues (gate receipts) with the opposing team.
MRL = 125 - 125 WL MRS = 65 - 65 WS
Find the following: a) Equilibrium win percents for the both the large market and small market teams.
b) Price of talent.
c) Payrolls for the large market and small market teams.
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- Show how a large prize spread in a tournament elicits a higher level of work effort from the participants.A student in a managerial economics class calculated the four-firm concentration ratio and HHI for industries A and B. What is the proper conclusion she can draw from the following findings? Industry A Industry B Four-Firm C 0.9 1 HHI 3,200 2,500 Multiple Choice C4 is higher for industry A while the HHI is higher for industry B. This inconsistency must be due to a calculation error. The market power of firms in industry A is greater than that in industry B. Neither industry is perfectly competitive. Industry B is a monopoly.Assume there are two companies in the region, A and B. You currently work for Company B. Both companies service the entire market and have a combined market share of 100%. At the start of the period, A and B split the market evenly with 50% share each. However, A has adopted a new customer retention tool and has projected the following switching matrix. TO FROM A B A 0.8 0.2 B 0.3 0.7 Given this switching matrix. 1 - What is the projected Market Share for Company A next period? 2- Assume that each customer has a profitability of $30 each year. There are 10,000 customers in the market. How much profit per year, in the long run and assuming no other costs or changes to the market, can we assume that B will lose due to this new technology compared to their prior position?
- 2______. There is only a single drug to treat Diwakar’s disease. This is an example of a Threat of substitutes, strong force b Threat of substitutes, the weak force c rivalry among existing firms, strong force d rivalry among existing firms, the weak force e rivalry among existing customers. strong forceWhich of the following statements is not true about the pareto-improving lens? Represents all the potential pareto-improvements over a player's endowment Conflicts of interest are completely eliminated in the allocations within the lens. Represents the potential economic surplus to be gained from trade between the two players Pareto-inefficient outcomes can exist within it.A measure called Herfindahl-Hirschman Index is used to measure the degree of competition in an industry. The HHI is the square of each firm’s market share summed over the firms in the industry. (Where a market share is the percentage of sales in the market accounted for by that firm). For example, if an industry contains only three firms and their market shares are 60%, 25%, and 15% then the HHI (by squaring each firm’s share and summing them) is 4450. Some economists classify the market structures according to HHI scores. An HHI below 1,500 indicates a strongly competitive market, between 1,500 and 2,500 indicates a somewhat competitive market, and over 2,500 indicates an oligopoly. Given the information in the table, calculate the HHI in this industry. If yahoo and Bing were to merge, what would the HHI be? Google 67% Yahoo 18 Bing 11 Ask 3 AOL 1
- Draw a graph with $ on the Y axis and wins on the X axis that includes the following curves: Total Revenue (TR) and Total Cost (TC). Total Revenue should reflect the assumption that fans can be turned off if a team wins too much or too few games. Additionally, assume that teams can buy wins by hiring better players at a constant cost. Label the number of wins that maximizing profit with Wp and the number of wins that maximizing wins without losing money.Moe Green estimates the cost of future projects for a large contracting firm. Mr. Green uses precisely the same techniques to estimate the costs of every potential job, and formulates bids by adding a standard profit markup. For some companies to whom the firm offers its services, no competitors exist, so they are almost certain to get them as clients. For these jobs, Mr. Green finds that his cost estimates are right, on average. For jobs where competitors are also vying for the business, Mr. Green finds that they almost always end up costing more than he estimates. Why does this occur?Players eligible for restricted free agency are more likely to be paid a higher percentage of their marginal revenue product than unrestricted free agents. True False
- Hand written solutions are strictly prohibited A sporting league has 8 teams. At the end of a season, team CM who was member owned doesnt renwe their license and leaves the league. For the next year's season, a private owner is awared the position for a new team (MM) which is private owned. Using a two team league model, explain what will happen to the talent distribution and unit cost of talent in the two team league compared to the previous year. Assume that: CM was a win maximiser MM is a profit maximiser Thr other club is a member owned win miximiser and generates the most revenue. This team name is MV The lower revenue generate by MM is the exact same as the one made by CM. The player labour market is characterised by players being free agents so no labour interventions no salary cap etc.Understanding how shirking decreases team output Yvette sells bottled water from a small stand by the beach. On the last day of summer vacation, many people are on the beach, and Yvette realizes that she can make a lot more money this day if she hires someone to walk up and down the beach selling water. She finds a college student named Sean and makes him the following offer: They'll each sell water all day and split their earnings (revenue minus the cost of water) equally at the end of the day. Yvette knows that if they both work hard, Sean will earn $100 on the beach and Yvette will earn $200 at her stand, so they will each take home half of their total revenue: $100+$2002=$150$100+$2002=$150. If Sean shirks, he'll generate only $60 in earnings. Yvette does not know that Sean estimates his personal cost (or disutility) of working hard as opposed to shirking at $25. Once out of Yvette's sight, Sean faces a dilemma: work hard (put in full effort) or shirk (put in low effort).…Each ton of ore mined from the ABC Mine produces 1 ounce of silver and 1 pound of lead. Marginal costs are $10 per ton of ore mined. The demand for silver is P_S = 11 – 0.00003Q_S and the demand for lead is P_L=0.4 – 0.000005Q_L where Q_S is ounces of silver and Q_L is pounds of lead. Calculate profit-maximizing sales quantities and prices for silver and lead. (hint: apply the marginal principle to aggregated revenues)