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sports economics

Questions and Answers of Sports Economics

Demand for News Kids. Consider the market for newspaper delivery kids in Kidsville. Each news kid receives a piece rate of $2 per subscriber per month and has a fixed territory that initially has 100
The short-run market demand curve for labor is (steeper/flatter) than the long-run demand because occur(s) in the short run.
The input-substitution effect is that a decrease in the wage (increases/decreases) the quantity of labor per unit of. the quantity of labor demanded (increases/decreases).
Arrows up or down. The logic of the output effect is that a decrease in the wage will. tion costs, so the price of output will the quantity of output demanded will produc and As a result, the
Your favorite professional team is considering hiring a new player for $3 million per year. It will be sensible (profitable) to hire the player if his greater than the $3 million cost.
A profit-maximizing firm will hire the number of equals. workers where.
The marginal revenue product of labor equals -times-
Youngsters Pay to Drive. The demand for automobile travel by the typical young driver (age less than 25 years) is linear, with a vertical intercept of $1.00 per mile and a horizontal intercept of 200
The external accident cost per mile for the typical young driver is about cents, compared to (1/3/6/11/15) (1/3/6/11/15) cents for a driver between the ages of 25 and 70. (Related to Application 5 on
To internalize the external cost associated with traffic collisions, the appropriate VMT tax is about ($0.01/$0.02/S0.04/$0.20) per mile.
To internalize the external cost associated with automobile emissions that cause urban smog, the appropriate gasoline tax is about ($0.20/50.40/$0.80/$1.00) per gallon.
A gasoline tax will be shifted forward to and backward to
Arrows up or down: A gasoline tax will shift the supply curve for gasoline. rium price to tity to causing the equilib and the equilibrium quan- such as the suppliers of
A pollution tax on automobiles provides an incentive to buy maintain and use alternative drive
Consider the demand for CO, allowances in the European Union. The supply of allowances is fixed, and the initial price is $20 per ton. Suppose that dry weather in the Nordic countries increases the
Lower Abatement Cost and Permit Prices. Suppose new technology decreases the cost of abating pollution by half. Depict graphically the implications of the decrease in abatement cost on the
No Permits Exchanged? A state issued marketable permits for sulfur dioxide emissions to several electric- ity generators. Most of the permits were given to the utilities with the oldest generating
Reforestation versus Abatement. Suppose your firm commits to reducing greenhouse gases by 11 tons per year. You can pay for a reforestation project that offsets your emissions at a cost of $7 per ton
Split the Difference for a Pollution Permit. Consider two firms, each of which is issued three mar- ketable pollution permits. For firm H, the marginal cost of abatement is S1 90. For firm L., the
Dry weather in the Nordic countries will the demand for CO, allowances and the equilibrium price. (Related to Application + on page 673.)
Arrows up or down. A technological advance that decreases abatement costs will the demand for marketable pollution permits and the equilibrium price.
A decrease in the supply of marketable pollution per- mits will shift the supply curve for permits to the the equilibrium price of permits. and
Arrow up or down. A switch from regular pollution permits to marketable permits. cost of abatement. the total
Under a system of marketable pollution permits, a (low/high) abatement costs will buy permits from a firm with firm with (low/high) abatement costs.
Regulations Eliminate a Market? Consider a mar- ket in which the initial equilibrium quantity of a pol- luting good is 20 tons.a. Use a graph to show the effects of a pollution tax that decreases the
Options for Abating Noise Pollution. Janis enjoys loud music and is willing to pay $9 for the first song and $1 less for each succeeding song ($8 for the second, $7 for the third, and so on). For her
The cost of removing mercury-containing switches in automobiles prior to incineration is (greater/less) than the cost of a system that prevents mercury releases during incineration. (Related to
The lesson from the Dear Abby column is that some is more efficient than. times. and sometimes the reverse is true.
Arrows up or down A switch from a pollution-tax pol- icy to a uniform-reduction policy will shift the supply curve of the polluting product the equilibrium price. and
A pollution tax encourages firms to develop more effi cient abatement technology -(True/False)
A command-and-control policy is likely to be ineffi- cient because it requires firms to use.
The "command" part of a command-and-control pol lution policy specifiesa. for each firm.
Compared to a pollution tax, a uniform-abatement pol- icy is (more/less) efficient because it does not exploit differences in across firms.
Shifting a Tax on Home Heating Oil. You are an economic consultant to a member of Congress Someone just introduced a bill that would impose a carbon tax of $100 per ton, which would shift the sup-
The Market Effects of a Carbon Tax Consider the market for gasoline. In the initial equilibrium, the price is $2.00 per gallon and the quantity is 100 mil lion gallons. The price elasticity of demand
The marginal damage from pollution varies with so they are higher in. than in on page 667.) areas areas (Related to Application 2 27 Arrows up or down. A carbon tax will shift the supply curve for
A pollution tax will decrease the amount of pollution a firm generates if the tax exceeds the of abatement 25 A pollution tax decreases the volume of pollution in two ways, by decreasing and
The social cost of production equals the cost plus the- cost.
The external cost of production is the cost incurred by.
Coase and Noise Pollution. Vivian is trying to learn to play the violin, much to the dismay of her house- mates. Vivian and her roommates are willing to bar- gain over her practice time, and will
Optimal Pollution Abatement. Suppose the marginal benefit of pollution abatement is constant at $12 per unit. The marginal cost of abatement is $2 for the first unit abated and increases by $2 for
The marginal cost of abating methane. at a(n) rate. If the marginal benefit of methane abatement is $150 per metric ton, the opti- mal level of abatement is about. million metric tons. (Related to
The marginal cost of abatement typically abatement. (increases/decreases) with the level of
The optimal level of pollution abatement is the level at which the of abatement equals the of abatement.
Change in Preferences and Proposed Budgets. Consider the example of the election shown in Figure 30.4 on page 652. Suppose the preferences of the four voters who prefer a budget of $8 billion change,
More Voters. Consider the example of the guberna- torial election shown in Figure 30.4 on page 652. Suppose 18 new people move into the state and each newcomer has a desired education budget of $9
Alienation and the Median-Voter Rule. Consider the example of the ice-cream vendors on the beach. Suppose people are unwilling to walk more than 1/4 mile for an ice-cream cone. As a starting point,
Consider the application on the median voter and pub- lic education. (Based on Application 5 on page 655.)a. Fill in the blanks in the following table. Income: Income: Income: Average Tushar Voter 1
In the early years of public education, it appears that the median voter considered both the benefits and benefits of public schools and voted in favor of schools even if the. benefit was less than
In the example of ice-cream vendors, the vendors choose the location, and this is an (efficient/inefficient) choice.Location Location Quantity Quantity Lefty Righty Lefty Righty (Based on Starting
The special-interest theory of government suggests a government will approve an inefficient project if the costs of the project are paid by a (large/small) number of citizens and the benefits go to
The self-interest theory of government explains why many states have limits on and
According to the model of voting developed in the chapter, the choices made by the government match the preferences of the voter
The external benefit of a LoJack is about 5. per year, compared to an annual cost per LoJack of S. (Related to Application 3 on page 650.) 27 The external benefit of a tree is measured by the change
It is sensible for the government to subsidize worker training and education because some of the benefits from training go to
A parent chooses the level of education at which the marginal and chooses. benefit equals marginal cost (more/less) than the socially efficient level because the parent ignores the
The external benefit of transforming a high-school dropout into a graduate is about S. per year.
Education generates three types of external benefits: and.
A fire extinguisher is an example of a(n) good with a(n). benefit.
Stream Preservation. Consider a trout stream that is threatened with destruction by a nearby logging oper ation. Each of the 10,000 local fishers would be willing to pay $5 to preserve the stream.
Fireworks as Public Goods. A three-person city is considering a fireworks display. Bertha is willing to pay $100 for the proposed fireworks display, Marian is willing to pay $30, and Sam is willing
Class Participation. Consider a course with 40 students, some of whom are confused after the professor explains a concept. The professor doesn't know whether students are confused but will clarify
Defenders of Wildlife. Each of the 80,000 citizens in a particular county is willing to pay $0.10 to increase the number of wolf litters by one. Each litter of wolves imposes a cost of $5,000 in
Cost Sharing for Monitoring El Nio. Suppose the monitoring of El Nio's current costs a total of $12 billion per decade. Over a decade, early warn- ing of the current's path would reduce its damages
Paying for a WiFi Network. Consider a small town with 1,000 households. The town could install a wire- less WiFi network that would give everyone in town access to the Internet. Each household is
The three-clock tower- response to the the problem-caused inefficiency because of a fourth clock was greater than its (Related to Application 1 on page 647.)
A public good is sumption and, (rival/nonrival) in con- (excludable/nonexcludable)
An external benefit is experienced by
Suppose 1,000 people would each get a benefit of $40 from a lever. Building the levee is socially efficient if its cost is less than $ $30,000, a tax of S If the cost is per person would gen- erate
Internet and Reservation Prices. Consider a coun- try that initially has no Internet service or telephones, so consumers must travel to stores to get information about prices. Use a graph to show the
Compute the Reservation Price. Suppose the range of prices for a consumer good is $20 to $60, and all prices in this range are equally likelya. Fill in the blanks in the table. h. If the marginal
A doubling of prices (increases, decreases) the marginal benefit of search at a given price, and the percentage gap between the reservation price and the lowest price (increases, decreases).
As the opportunity cost of search time increases, the reservation price. (increases, decreases) and the amount of search time (increases, decreases).
Suppose the range of prices for a product is $10 to $20 and your discovered price (lowest price so far) is $16. If you visit one more store and discover a lower price, the best guess for a lower
If a consumer knows that a product is available at some store at a price as low as $100, it is sensible to continue shopping until the consumer finds the lowest-price (True/False) store.
The reservation price is the price at which the con- sumer is ing that the about additional search, mean- of search equals the
Safety Rebate from the Insurance Company. In 2010 a leading insurance company started a policy that pays a policy holder a 5 percent rebate on his or her insurance premium in any year in which the
Mandatory Insurance. Consider a city with 100 dri- vers and a perfectly competitive market for automo- bile insurance. The demand curve for auto insurance is linear and negatively sloped, with a
Car insurance increases traffic. insured drivers, on page 632.) (Related to because (Related to Application 6
In the market for crop insurance, farmers buy insurance in greater numbers, meaning that the market experiences. Application 5 on page 631.)
Philadelphis has relatively high prices for car insur- ance because causes Application + on page 631.) cause and (Related to -risk
Insurance and Fire Prevention. In a given year, there is a 10 percent chance that a fire in Irak ware- house will cause $100,000 in property damage. If Ira spends $4,000 on a fire-prevention program,
Skydiver Question. Several of your friends have offered to take you on a tandem skydiving adventure: Strapped together with a single set of parachutes (main and emergency), you will all jump out of
Selling iPod Insurance. On the campus of Klepto College, half the iPods are expensive (replacement value is $400) and half are cheap (replacement value is S100). There is a 20 percent chance that any
If the single firm providing bicycle theft insurance on campus disappears and is not replaced, we would expect bicycle theft rates on campus to
Many professional athletes purchase insurance against career-ending injuries. We expect the insured players to experience uninsured players. (more/fewer) injuries than
While shopping for office equipment, an office man ager sees a display of fire extinguishers. After making a single phone call, the manager decides not to buy a fire extinguisher. The manager had
In the market for insurance, the moral-hazard prob- lem is that encourages.
State Auto Insurance Pool. Consider a state in which automobile drivers are divided equally into two types of drivers: careful and reckless. The average annual auto insurance claim is $400 for a
Rising Insurance Rates. Consider an insurance com- pany that provides group medical coverage for univer- sity employees. The company discovered that some of its younger employees had switched to
Genetic Testing and Insurance Prices. Suppose the likelihood that a person will get disease X is deter- mined in large part (but not exclusively) by his or her genes. Initially, it is impossible to
Arrows up or down In an insurance market, the pres- ence of high-cost consumers the average cost of providing insurance. The resulting in the number of low-cost consumers the average cost of
Suppose the average annual malpractice cost is $40,000 for reckless doctors and $2,000 for careful doctors. If half of an insurance company's insured doc- tors are reckless, the company will earn
Willingness to Pay for Used Baseball Pitchers. Suppose a healthy baseball pitcher is worth $5 million per year to his team, compared to only $1 million per year for an unhealthy pitcher. Suppose that
Equilibrium in the Kiwifruit Market. Consumers are willing to pay 10 cents for a sour kiwifruit and 30 cents for a sweet kiwifruit. The minimum supply price for sour kiwifruit is 6 cents and the
Mix of Lemons and Plums in the Week-Old Car Market. Recall the application "The Resale Value of a Week-Old Car. Suppose the value of a high-quality week-old car (a plum) is $20,000 (the same as the
Your favorite baseball team just announced that it signed a new pitcher from the free-agent market. We expect the new pitcher to be injured (more/less) often than free-agent pitchers who returned to
Professional baseball pitchers are like used because there is tion: A player's informa has better information about the pitcher's health and likelihood of injury (Related to Application 3 on page
Arrows up or down: Government regulations for kiwifruit the average quality and the price of kiwifruit. (Related to Application 2 on page 624.)
A new car loses about -percent of its value in the first week because recent buyers are more likely to want to sell a to Application 1 on page 624.) (lemon/plum). (Related

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