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sports economics

Questions and Answers of Sports Economics

More or Fewer Deliveries? Consider a delivery firm that delivers packages by bicycle, charging S13 per package and paying each of its workers $12 per hour. One day one of the workers was two hours
A decrease in price. economic profit because (increases/decreases) a firm's marginal revenue, so it (increases/decreases) the quantity supplied. This is the law of in action. 533
If the market price equals a firm's break-even price, the firm earns equals.
A firm produces 20 units of output at a market price of $5, a marginal cost of $5, and an average cost of $3. The firm's economic profit is S. the firm nomic profit. and (is/is not) maximizing its
At the current output level, a farmer's marginal cost of producing sugar is $0.30. If the price of sugar is $0.22 per pound, the farmer should (increase/decrease) production. If the price of sugar is
The market price for wheat is $5. If a farmer's mar- ginal cost is $7, the farmer should produce (more/less) output.
For a perfectly competitive firm, marginal revenue equals. and to maximize profit, the firm produces the quantity at which. equals
Economic cost equals cost. cost plus
The Firm's Short-Run Output Decision 21 Economic profit equals minus
A perfectly competitive firm is a price. while a monopolist is a price.
For a monopolist, the firm-specific demand curve is the same as the -demand curve.
The firm-specific demand curve is (horizontal/negatively) sloped for a perfectly competi tive firm and sloped for a monopolist. (horizontal/negatively)
The firm-specific demand curve shows the relation- charged by the firm ship between the and the. by the firm.
The Average Cost of Drama DVDs. You have been hired to produce a DVD of a play put on by a high- school drama club. It will take you about 50 hours to make the master, which will be stored on a hard
The Average Cost of a Music Video. In Figure 23.7 suppose a strike by wardrobe and makeup artists: increases the cost of wardrobe and makeup by $17,000. Draw the average-cost curve for producing the
The Average Cost of a Super-Sized Turbine. Suppose a new super-sized wind turbine is developed. Fill in the blanks in the following table. (Related to Application 3 on page 507.) Super-Sized Turbine
A Better Whale Mold? Suppose a new mold is devel- oped for producing fake killer whales. The new mold has twice the cost of the original mold, but cuts the marginal cost of whales to $1,000. (Related
Changing the Cost of iPhones. Suppose a new set of integrated circuits for an iPhone has two-thirds the cost of the original set. The new set doubles the assembly cost. How does the cost of an iPhone
The capital cost of a solar cell in 2007 was about one (half/fourth/tenth) the capital cost in 1980. (Related to Application 5 on page 509.)
For information goods such as a music video distrib- uted online, the cost of producing the first copy is very , but the marginal cost is (Related to Application + on page 508.)
The average cost of electricity (increases/decreases) as the size of the wind turbine increases (Related to Application 3 on page 507.)
The cost of producing the first fake killer whale is about three times the cost of producing the second because the firm uses. Application 2 on page 507.) inputs (Related to
The average cost of producing an iPhone is about (Related to Application I on page 506.)
Constant Marginal Cost. Consider a firm operating in the long run with an indivisible input that has a cost of $120. The marginal cost of production is constant at $3 per unit. Draw the firm's
Diminishing Returns versus Diseconomies of Scale. Explain the difference between diseconomies of scale and diminishing returns. Based on the cost curves you've seen in this chapter, which is more
Draw the Long-Run Cost Curve. Consider the long-run production of shirts. The cost of the indivis ible inputs used in the production of shirts is $400 per day. To produce 1 shirt per day, the firm
Deregulation and the Cost of Trucking. Suppose the government initially limits the number of trucking firms that can haul freight. The market for truck freight is served by a single firm that
The typical short-run average-cost curve is shaped like the letter U, while the typical long-run average-cost curve is shaped like the letter L because. are not applicable in the. run.
Consider the information provided in Figur 23.6 on page 505. Suppose the output of a large aluminum firm drops from two million pounds to one million pounds per year. The long-run average cost of
The presence of explains the negatively sloped portion of a long-run average-cost curve, and the notion of explains the horizontal portion of the curve.
Same Average Cost with Different Quantities? Suppose there are two pencil producers with identical production facilities-identical factories and equip- ment. The firms pay the same wages and pay the
Compute the Short-Run Costs. Consider a firm with the following short-run costsa. What is the firm's fixed cost?b. Compute short-run marginal cost (MC), short-run average variable cost (A/C), and
Changing Costs. Consider the paddle production example shown in Table 23.2 on page 497. Compute the short-run average cost for 10 paddles with the fol- lowing changes.a. Your opportunity cost of work
Compute the Costs. Consider a firm that has a fixed cost of $60. Complete the following table Output Fixed Variable Total Marginal Average Average Average Cost Cost Cost Cost Fixed Variable Total
The short-run average cost of production is the same for two different quantities.. (True/False)
Arrows up or down. When marginal cost is less than average cost, an increase in output. aver- age cost. When marginal cost exceeds average cost, an increase in output. average cost.
If marginal cost equals average cost, we are at the min- imum point of the cost curve.
At the current level of output, the marginal cost of MP3 players exceeds the average cost. If you increase output, the average cost will (increase/decrease).
Over the positively sloped portion of the short-run average-cost curve, the effect of- nates the effect of domi-
The negatively sloped portion of the short-run marginal- cost curve is explained by tively sloped portion is explained by and the posi
The short-run marginal cost curve is shaped like the letter and the short-run average cost curve is shaped like the letter-
Compute the Cost. Edward the entrepreneur takes two hours to cut a lawn, and he cuts 1,000 lawns per year. He uses solar-powered equipment (truck and mower) that will last forever-and can be sold at
When a firm is perfectly flexible in its choice of all inputs, the firm is operating in the (long/short) run.
The for for the (king/short) run is defined as a period over which a firm cannot change its production facility.
Suppose a person quits a job paying $40,000 per year and starts a business with $100,000 withdrawn from a money-market account earning 8 percent per year. The implicit cost of the business is the
Fill with "economic" or "accounting" Because cost typically exceeds cost, profit. profit typically exceeds
Economic profit equals minus
A firm's implicit cost is defined as the cost of nonpurchased inputs, such as the entrepre neur's and
The computation of economic cost is based on the principle of
Shipping the Good Apples Out? Suppose apples come in two quality levels, low and high. At a store in the apple-growing region, the price of low-quality apples is Si per pound and the price of
Response to the Gas Tax. Petrov earns $10,000 in pretax income and initially pays $2,200 in income taxes, consumes 600 gallons of gasoline per year (at a price of $3 per gallon), and spends $6,000 on
Suppose Biff's parents adjust their monthly payment to offset any change in price, ensuring that the bundle Biff chose the previous month is just affordable. Suppose the price of movies changes. The
Suppose the gas tax increases and the income tax decreases to make a consumer's original bundle afford- able. At the original bundle, the marginal rate of sub- stitution. the price ratio, so the
To show the substitution effect of a decrease in price, (increase/decrease) a consumer's nominal income so the consumer can just afford (Related to Application 3 on page 489.)
At every point on the demand curve, the marginal rate of substitution equals we
Arrows up or down A decrease in the price of the good shown on the horizontal axis- the slope of the budget line (the absolute value) and the price ratio.
When a gasoline tax is offset by an income-tax cut that makes a consumer's original choice just affordable, the price ratio decreases). In this case, there is no effect, and gasoline consumption
Free Goods and the Marginal Principle. Consider the Amazon.com experiences with cheap shipping for orders exceeding $25. Suppose the typical consumer buys $15 books, and the regular shipping charge
Is the Average Bundle Better? Biff consumes two entertainment goods, arcade games and CDs. When you ask him in week one, "How many arcade games are you willing to sacrifice for one more CD?" he says,
Higher Prices versus Lower Income. Recall the example of Maxine, who in January has an income of $30 and pays $3 per movie and $1 per book.a. In February, the prices of movies and books double, but
Bundling TV Channels. Your monthly budget for entertainment is $48, and your entertainment goods are cable TV and arcade games. Arcade games are SI each.a. Suppose the cable company has a price of $4
Suppose the price of amusement rides is $2 and the price of a video arcade game is $1. The following table shows points on the budget line (given an income of $30) and the associated MRS. To maximize
Sherman has a fixed budget to spend on sweaters (hor- izontal axis) and shirts (vertical axis). The price of shirts is $10 and the price of sweaters is $50. At his current consumption bundle, Sherman
Suppose Hattie tentatively picks a combination of hats (horizontal axis) and violets (vertical axis) at which the marginal rate of substitution is seven violets per hat. The price of violets is $3,
Terry is consuming the utility-maximizing combina tion of MP3 tunes and paintball sessions. The price of MP3 tunes is $1 and the price of paintball sessions is $6. The marginal rate of substitution is
In the Amazon.com example of free shipping, the initial experience was different in France because in that country, page 484.) (Related to Application 2 on
Arrows up or down The selling of individual songs online rather than bundles of songs on CDs the utility of the typical consumer and the incentive for music piracy
If you know the price ratio and want to determine whether a consumer is making the best choice, ask the following question: What is your (Related to Application 1 on page 483.)
we move a more northeasterly indifference curve, utility a
The marginal rate of substitution ( ) indifference curve.
As we move downward along an indifference curve, the slope of the curve. in absolute value,that is, the care becomes (per flatter). This reflects the assumption that con prefer
The budget line shows different combinations of two goods that have the same. an indiffer ence curve shows the different combination of two. goods that have the same.
Robles a budget of $2 20 and consumesham (shown on the horizontal axis) and vermicelli (shown on the verti cal axis. The price of ham is $6 per pound, and the price of vermicelli is $2 per pound. The
Price and Income Changes. Recall the example of Maxine, who has an income of $30 and pays $3 per movie and $1 per book. Use a graph to show the effects of the following changes on Maxine budget line
Higher Prices versus Lower Income. Recall the example of Maxine, who in haary has an income of $30 and pays $3 per movie and $1 per book In February, the prices of movies and books double, but her
Demand Curves for Cola Challenge. Consider the results of the cola challenge.a. Draw a pair of demand curves, one for Pepsi and one for Cole, consistent with the results of the nonblind tastings
Free Goods and the Marginal Principle. Consider the Amazon.com experiences with cheap shipping for orders exceeding $25. Suppose the typical consumer Buys $15 books, and the regular shipping charge
The difference between the Pepsi and Coke taste- challenge campaigns is that Pepsi used- while Coke used Application 4 on page 472.) (Related to
In the Amazon.com example of free shipping, the in- tial experience was different in France because in that (Related to Application 3 on country, page 472.)
Shipping the Good Apples Out Suppose apples come in two quality levels, low and high. At a sture in apple-growing region, the price of low-quality apples is $ per pound, and the price of high-quality
Another Point on the Demand Curve. Suppose the price of movies decreases from $3 to $2. Maxine\ income is $30, and the price of books is St. Fill in the blanks in the following table. Then draw the
Response to the Gas Tax Petrov cars $10,000 in pretax income and initially pays $2,200 in income taxes and consumes 600 gallons of gasoline per year. (at a price of $3 per gallon) and spends $6,000
Suppose Biff's parents adjust their monthly payment to offset any change in price, ensuring that the brun- dle of goods Biff chose the previous month is just affordable. Suppose the price of movies
Suppose Masine initially watches four movies at a price of $3 each and buys 18 books at a price of SI each, and then the price of monies increases to $5. To make Maxine's original bundle jose
show the substitution effect of a decrease in price, we (increase/decrease) a consumer's nominal incomes the consumer can just afford.
Arrow up or down The substitution effect is that a decrease in the price of movies. tive price of movies and. tion of movies. the reb the consump
Arrow up or down: The income effect of a price change is that a decrease in price. sumer's real income and tion of a normal good. a con- the consump
An individual demand curve shows the relationship between and teris paribas
Arrow up or down When a gasoline tax is offset by an income-tax cut that makes a consumer original choice just affordable, gasoline consumption will because the tax- the lang per buck of gasoline.
Using MRI to Measure Utility. Your firm uses an MRI machine to measure blood flow within the brain, allowing the measurement of the satisfaction level of a consumer before and after consuming a
Utility-Maximizing Rides and Games. Suppose the price of amusement rides is $2 and the price of a video ascade game is $1. The following table shows points on the budget line (given an income of $30)
Bundling TV Channels. Your monthly budget for entertainment is $48, and your entertainment goods are cable TV and arcade games. The price of arcade games is $1 eacha. Suppose the cable company has a
Choosing a Protein Beverage. Consider a consumer who must choose between two protein drinks, A and B. The following table shows the protein content and prices for the two drinks (Related to
Dirk spends $20 each week on muffins (price = $2) and bagels (price $1). This week he bought four muffin bagels. The marginal utility of and muffins is 30 utils and the marginal utility of hagels is
Suppose a consumer has a fixed amount to spend each week on iTunes songs ($1 each) and movies ($6 each). For the combination she chose this week, the marginal utility of movies is 30 and the marginal
Terry is coming the utility-maximizing combina tion of MP3 tunes and paintball sessions. The price of MP3 tunes is Sl and the price of paintball sessions is $6. The marginal utility of MP3 tunes is
The equimarginal rule tells us that utility is maximized when a consumer equalizes the on each product consumed per
Arrow up or down Lawrence consumes harps (hari- zontal axis) and violins (vertical axis). As he moves downward along the budget line, the quantity of harps the quantity of violins marginal utility of
Arrow up or down A tax on soft drinks will the marginal hang per back on soft drinks and which the the consumption of goods for is now higher. (Related to Application 1 on page 468)2.2 Arrow up or
According to the law of, increases, the good as consumption

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