Question #5: Economic Benefits of Sporting Events [16 Points] On June 15-18, 2023, the U.S. Open Golf Tournament is going to be held at Los Angeles Country Club in Los Angeles, CA. Studies conducted by the city of Los Angeles argued that the total direct spending (economic impact) as a result of this tournament was approximately $64.8 million. (a) Some economists would argue that the true economic impact of hosting the U.S. Open Golf Tournament is going to be probably less than the $64.8 million estimate. Briefly discuss why the $64.8 million estimate might be too high. [4 Points] (b) Other economists would argue that the $64,8 million in direct spending is a conservative estimate of the economic impact because it doesn't take into account any multiplier effects. Suppose that the marginal propensity to consume is equal to 0.85. Calculate the estimated total economic impact of the National Championship game using the multiplier effect. [4 Points] (c) Explain why it's unlikely that the total economic impact would be as large as the amount calculated in Part (b). [4 Points] (d) Suppose you know that the marginal propensity to import (mpi) is equal to 0.25. Calculate the estimated total economic impact of the U.S. Open Golf Tournament using the multiplier effect, [4 Points]