Use a labor supply and labor demand graph to show why salaries in the NBA went down during the Great Recession. Explain why the curves moved the way they did.
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- Is there salary fairness in professional sports?Explain how the presence of a superstar basketball player can increase the marginal revenue product of the other players on the team.The demand for NHL players can be written as: Qd=300-W , where Qd - number of players demanded by the league, W - wage of the player (you can think about it as of price). Marginal revenue: MR=300-2Q The supply of players: Qs=W, where Qs - number of players willing to play. ME=2Q . a) Imagine that both sides of the market are perfectly competitive. What is the equilibrium number of players in the league and what is the equilibrium wage? Show it on a graph. b) Imagine that players are represented by a union (monopoly), and the NHL teams compete for the players. What is the equilibrium number of players (Qu) and equilibrium wage (Wu) in this case? Show it on a graph. c) Imagine that NHL makes all the decision as a single entity (monopsony), and the players are not unionized. What is the equilibrium number of players (QNHL) and equilibrium wage (WNHL) in this case? Show it on a graph. d) What is going to be the equilibrium number of players in the league and what is the…
- Use a 3 different supply and demand graphs to show the effect on league salaries of (a) A decrease in the number of players available. (b) An increase in television revenues due to fan preferences for sports. (c) A roster limit set less than equilibrium quantity. Be sure to lable all axis, curves and the origianl salary and the new salary.How are equality and equity different concepts in sport? In basketball explore how equity is, in fact, a more worthwhile goal than equality. Explain how equality would not be equitable for all people.The English Premier League currently has no salary cap but is considering implementing one. They are doing this, in part, to reduce payroll disparities across teams that create competitive imbalance. How would the reduction in payroll imbalance affect the Gini Coefficient for the English Premier League?
- 5Depict the following scenario using a graph. Assume that Major League Baseball goes from having free agency in their labor market to re-instituting the reserve clause, now giving teams monopsony power in the labor market. a. Identify on a graph the wage of a player when there was only free agency, and identify the wage following the reserve clause being reinstated. Additionally, identify where the producer and consumer surplus is in the market on the graph. b. Suppose instead that MLB does NOT have any monopsony power, however, the players are able to form a powerful union. Depict how the union would change the equilibrium wages accepted by players.difference between induced and indirect economic impact for the NFL.Do you calculate the economic impact of the NFL super bowl by 2.7?
- How are equality and equity different concepts in sport? In baskexplore how equity is, in fact, a more worthwhile goal than equality. Explain how equality would not be equitable for all people.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.What is the figure use to calculate the economic impact of a sports even like the NFL super bowl?
