Read "Monopoly Pricing and Profit-Maximizing Behavior" by Alexander focusing on the demand function on page 343 then answer the following questions. The paper can be found on Canvas under the Chapter 1 module. (8pts)

1. Write out the paper's inverse demand function for MLB tickets.
2. What does the variable PRENT represent and what sign should the coefficient on it have?
3. What sign do you think the coefficient on the INCOME variable should have? Explain.
4. On page 349, estimates for the elasticity of demand for teams are given. What is the Philadelphia Phillies'? What does this mean?