These deliverables are group projects due a few days after our class. Please try to use our time wisely. I am here to help during class time. Your objective should be to understand the questions and get a plan as to how to answer them. It is not intended that you should walk away from class with a completed deliverable. At the very lest you should take some time after our class cleaning up your answers. Whenever possible, build models to help illustrate your answers. This is economics; we need to feel comfortable using economic models. he 1. If your job were to allocated one large amount of money to combat the illegal drug problem in America, (assume strong addictive characteristics to these drugs). Would you attack the supply or demand? How and Why? Please use the supply and demand chart to answer your question (you may also want to use terms such as elastic or inelastic). [Hint: I want two separate graphs. One attaching supply and the other attaching demand] 2. Imagine a college basketball team has the following supply and demand figures for a typical game: Price Quantity Demanded Quantity Supplied 8 28000 16000 16 22000 16000 24 16000 16000 32 10000 16000 40 400 16000 a. What is unusual about the supply curve? Why is this the case? b. Illustrate the supply and demand curves. What is the equilibrium price and quantity? C . Now imagine a big game brings an extra demand of 6,000 fans for each price level. Illustrate this and specify the new equilibrium price and quantity. 3. Rottenberg at 65: In the article that was required for this week, please answer the following questions (not graphs are needed for this) a. What does Fort mean by "Match Outcome Uncertainty Hypothesis? Does this only exist in sports? How would you go about measuring this? b. Explain the invariance principle. How does it apply to sports economics