1. Graph equilibrium in the talent market, assuming that there is a large-market team and a small-market team. Assume the large-market team's MR curve is higher than that of the small-market team. Show what will happen if fan willingness to pay at the margin increases by 20 percent in both markets. Briefly summarize and explain the impact on the equilibrium winning percentage.

2. Graph equilibrium in the talent market, assuming that there is a large-market team and a small-market team. Assume the large-market team's MR curve is higher than that of the small-market team. Show what will happen if a recession reduces fan income in the large market. Briefly summarize and explain the impact on the equilibrium winning percentage.

3. Graph equilibrium in the talent market, assuming that there is a large-market team and a small-market team. Assume the large-market team's MR curve is higher than that of the small-market team. Show what will happen if foreign demand for American sports on TV increases, and those fans always root for the underdog. Briefly summarize and explain the impact on the equilibrium winning percentage.

4. Suppose that the Utah Jazz, in the hiring of talent, have a preference for white players. Graphically demonstrate how this will impact compensation and the quantity of white players on the Jazz. Will this discrimination make the Utah Jazz less profitable? Explain carefully.

Please draw graphs to represent when asked and clear labels.