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Revenue-sharing in professional sports. Assume that there are two grades of professional football players. There are a limited number of “stars,” whom the fans most want to watch, and an unlimited number of “non stars.” There are too few stars to fully staff each team, but there are enough for a few to be on each team if an owner decided to hire them.
Assume that football teams keep all the “gate” and TV revenues they generate and that players are free to choose their teams at the end of any season. Do stars earn more than non stars? How are the wages of each group determined?
Continue to assume that players are free to choose their teams, but assume now that teams agree to share all their gate and TV revenues equally (they put them into a “pool” and divide it equally among the team owners). What happens now to salaries of stars and non stars?
q.the first company is a trendy bar. the bar is currently seeing many young well paid professionals as customers but
Discuss this week's objectives with your team. Include the topics you feel comfortable with, any topics you struggled with, and how the topics relate to your field.
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As control variables, Quinn's data also includes income the individual earned in the month the data was collected, and the amount that it rained in the month the data was collected.
Suppose that Lorena consumes only three different goods: steak knives, butter knives, and butcher knives. If, according to Lorena’s preferences, butter and butcher knives are inferior god, must steak knives be a normal good?
Compare the supply and demand conditions in both locations. How many people live in each place.
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q.assume which at current factor cost s cloth is produced using 40 hours of labor for each acre of land and food is
Explain how does the price elasticity of demand for corn oil influence the quantity-demanded of corn oil and the Total Revenue earned by sellers of corn oil.
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