1. a. What advantages do professional sports leagues have from an organizational standpoint? (10 marks) b. Why should the size of a league affect the profits of its members? (10 marks) 2. Why has luxury seating become a prominent issue in the stadium negotiations in recent times? (10 marks) 3. Name the sources of revenues and costs for teams. (10 marks) 4. Why is it important for leagues to limit the entry of teams within a given geographical area? (10 marks) 5. Many stadiums have restrictions that prohibit fans from bringing outside food and beverages into games. Under what circumstances will this be a profit maximizing policy? (10 marks) 6. Why might a team owner prefer to raise funds by borrowing money to selling part ownership of the team to others? (20 marks)