Econ 2447 Sports Economics First exam

Econ 2447 Sports Economics First exam

ECON2447
Ch00 Homework Recall Ch01 QUIZ

With respect to the demand for baseball tickets, what are the factors that cause movement along the
demand curve?
A change in the price of the ticket causes movement along the demand curve.

What has determined the price of Honus Wagner's baseball card over time?
As incomes have increased among baseball fans, demand for the card has increased. Supply has
remain fixed. With a fixed supply, demand solely determines the price.

How does the NBA's salary cap impact quantity demanded and quantity supplied of labor in the
NBA's player market?
The NBA's salary cap is a price ceiling set below the equilibrium wage for the NBA player's market.

Given the following equation :

P = A - (B x Q)

What does the A element define ?
y-intercept (or constant term)


What part of the demand curve changes when the curve is shifted? What part of the demand curve
should not change?
The y-intercept changes when the curve shifts. The slope does not change.


According to Thorstein Veblen, who primarily played sports in the latter 19th century?
The wealthy or the leisure class primarily played sports in the latter 19th century.



Ch02 Homework Graph QUIZ
Profit Maximization without capacity constraint:
4) The Equilibrium Price in a Perfectly Competitive Market

Selected
Answer:
5
Correct
Answer:
Profit Maximization without capacity constraint:
2) The Equilibrium Quantity
Selected
Answer:
3
Correct
Answer:
Profit Maximization without capacity constraint:
3) The Consumer Surplus

,Econ 2447 Sports Economics First exam
Selected
4.
Answer:
5
Correct
Answer:


Profit Maximization without capacity constraint:
1) The Equilibrium Price

Selected
Answer:
7
Correct
Answer:


Profit Maximization with capacity constraint:
2) The Equilibrium Quantity

Selected
Answer:
2
Correct
Answer:
Profit Maximization with capacity constraint:
4) The Marginal Revenue at Profit Maximization

Selected
Answer:
6
Correct
Answer:
Profit Maximization with capacity constraint:
3) The Consumer Surplus

Selected
Answer:
2
Correct
Answer:
Profit Maximization with capacity constraint:
1) The Equilibrium Price

Selected
Answer:
8
Correct
Answer:



Ch02 Homework Regression QUIZ
Coefficient for Runs-PG
Selected
0.07

,Econ 2447 Sports Economics First exam
Answer: 2
Correct
Answer:
t-Stat for Coefficient for Market-size
Selected 1.02
Answer:
0
Correct
Answer:
Coefficient for Market-size
Selected 0.00
Answer:
1
Correct
Answer:
Number of Observations

Selected
3
Answer:
0
Correct
Answer:
Adjusted R Square

Selected 0.60
Answer:
0
Correct
Answer:
t-Stat for Coefficient for Intercept
Selected 3.66
Answer:
1
Correct
Answer:
Coefficient for Rel-Pay-%
Selected 0.02
Answer:
6
Correct
Answer:
Coefficient for Runs-Against-PG
Selected
-
Answer:
0.090
Correct
Answer:
t-Stat for Coefficient for Runs-Against-PG
Selected
-
Answer:
3.594
Correct
Answer:

, Econ 2447 Sports Economics First exam
t-Stat for Coefficient for Runs-PG
Selected 2.96
Answer:
2
Correct
Answer:


t-Stat for Coefficient for Rel-Pay-%
Selected
1.24
Answer:
6
Correct
Answer:


Coefficient for Intercept

Selected
0.54
Answer:
7
Correct
Answer:



Ch03 Homework Recall Ch02 QUIZ
CH02 13 What is the rule of thumb on why a t-statistic should be greater than 2 in absolute value ?
We are 95 % certain that the true value of any estimated coefficient is within 2 standard errors of the
coefficient.

CH02 03 What is the profit-maximizing rule for monopolists ?
Marginal revenue equals marginal cost.

CH02 15 What is the relationship between payroll and wins in the NFL, NBA, NHL, and MLB?
Payroll explains less than 25 % of the variation in winning percentage.

CH02 04 Given Wins = A0 + A1 x population + E1 . What is the regression term that describes A0 in
the equation?

y-intercept (or constant term)

CH03 Homework Graph QUIZ
In scenario #1
3) The Break Even Price

Selected
Answer:
6
Correct
Answer:


In scenario #2