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You have been commissioned to analyze the economic impact on the city of Cincinnati of the MLB All-Star Game. Specifically, the community wants to know

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You have been commissioned to analyze the economic impact on the city of Cincinnati of the MLB All-Star Game. Specifically, the community wants to know the direct spending impact and the indirect spending impact. Cincinnati officials want to know whether it would be profitable to find and bid for similar future events for the city. This event cost the City about $8 million to host. You created a survey and administered it to 342 people around Great American Ball Park during the game, making an effort to obtain a random sample. Only 325 of the surveys were usable because of various errors by the respondents. A summary of the data is provided below. Based on discussions with the local organizing committee and Cincinnati government officials, you determine that: The Great American Ball Park seats 42.059 The game was sold out Hotel capacity in the city was 35,000 rooms. The typical occupancy rate is 83% . The average number of persons per room for large events such as this is 2.4. Total spending by the local organizing committee was $4.5 million, with 60% of that amount coming from organizations outside of the city. This is in addition to the amount the City itself spent. Sponsors from outside of Cincinnati spent $1 million in town activating their sponsorships. The spending multiplier for the city of Cincinnati is 1.6 (based on information from MIG, Inc.) Summary of survey data: . 96% of attendees came from outside of Hamilton County (the county where Great American Ball Park is located). 63% of attendees came from outside the city of Cincinnati, 32% of attendees came from outside of the state of Ohio. 17% percent of visitors are time-switchers and 12% of visitors are casuals. Visitors' daily spending on transportation, event food, entertainment, shopping, and other was $222.78, their nightly spending on lodging was $53.07 Visitors stayed an average of 2.25 days and 1.29 nights 1. What is the economic impact of the event? Show your working? 2. Should Cincinnati fund an event like this in the future? Why, why not? 3. What strategies could be taken to increase the benefit of the event to taxpayers

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