Use the table of means and the table of coefficients to answer the questions about elasticity and demand for professional sports tickets. The MLB stands for major league baseball, NBA stands for National Basketball Association and NFL stands for National Football League.

Table 1: Descriptive Statistics MLB NBA NFL Mean StdDev. Mean Std. Dev. Mean Std. Dev. Attendance 28,089 8429 16,671 2936 FCI 61,522 9787 107.84 25.86 211.55 61.45 Winning % 216 51.92 0.504 0.068 0.507 0.16 Made playoffs 0.498 0.187 0.22 0.41 0.58 0.49 0.3 Team age 0.46 59 33 31 14 39 Stadium age 21 32 24 15 13 28 Population (000s) 17 4,084 2,573 3,540 2,543 3,279 Income per capita 2,360 18,555 2645 17,562 2601 N 17,872 2949 264 298 308 Table 2: GMM Estimation Results and Asymptotic Standard Errors MLB NBA NFL Fan Cost Index -0.584 -0.160* 0.061 0.319 0.063 0.061 Ticket price -0.269* -0.119* 0.028 0.158 0.046 Win % 0.052 1.675* 1.661* 0.308* 0.313* 0.184* 0.184* 0.177 0.179 0.041 Playoffs 0.041 0.031 0.031 0.01 0.007 -0.008 -0.009 0.002 0.003 0.03 0.029 0.014 0.014 Lagged win % 0.014 0.014 -0.274 0.339 0.013 0.012 -0.019 -0.016 0.211 0.196 0.05 0.049 0.042 0.042 Stadium age -0.008 -0.011 -0.045* -0.044* -0.017 -0.018 0.014 0.014 0.008 0.008 0.007 Team age 0.008 -0.003 0.002 0.015 0.014 0.018 0.017 0.017 0.018 0.008 0.008 0.009 Income per capita 0.009 0.092 0.005 0.153* 0.143 0.005 0.021 0.138 0.102 0.048 0.046 0.047 Lagged attendance 0.046 0.849* 0.837* 0.748 0.749 0.774 0.782* 0.065 0.063 0.038 0.038 Population 0.038 0.038 0.062 0.054* 0.021 0.015 0.005 0.006 0.024 0.021 0.01 0.008 Final season 0.006 0.006 0.075 0.059 0.075 0.075 -0.01 -0.009 0.063 0.062 0.153 0.151 0.028 0.028 A B A B A B Elasticity Lecture Notes