Please use this resource help with all of the questions

https://online.flippingbook.com/view/346310924/

(DO NOT USE ANY AI PLZ, if it does, it will be detected by the filter)

explain each question clearly, logically, and concisely.

1. Use the concepts of accounting and economic profit to explain why a team making $38m in profit would relocate to a city where it could make $52m in profit. Be sure to calculate the exact accounting and economic profit of the team before the move. Then explain what each number means.

2. You are building an economic model to explain the differences in baseball card prices. (So, your dependent variable is baseball card prices) What are four independent variables that you would use to forecast the differences in baseball card prices?

3. Why does the supply curve for stadium seats look like a "reverse L" on a graph?

4. Explain how the MP curve can be negative, even though the TP curve is positive.

5. A stadium that operates at 82% of its capacity is considering adding 200 seats for future expansion needs. Immediately after the seats are added, how will ticket prices be affected? Illustrate your reasoning on a graph.

6. How does promotion and relegation in an open league affect the effort of a weaker team as contrasted with how the team would perform in a closed league?

7. Is revenue sharing in professional sports an example of socialism?