The Economics of Sports
6th Edition
ISBN: 9781138052161
Author: Michael A. Leeds, Peter von Allmen, Victor A. Matheson
Publisher: Routledge
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Chapter 1, Problem 1DQ
To determine
Explain why sports generate more news coverage than other industries.
Expert Solution & Answer
Explanation of Solution
Individuals know that sports are more news generating one than other industries. This is because most of the people have an interest in sports events, and the sports are always entertaining to them. The people will spend most of their free time to watch their favourite sports events. For this, individuals will watch more news channels and sports channels to get a clear idea about the match. This will increase the rating of the channels and the companies will add more advertisement between the programs. The excitement of people for their beloved team will make media to generate more news coverage than other industries.
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The following graph plots daily cost curves for a firm operating in the competitive market for sweatbands.
Hint: Once you have positioned the rectangle on the graph, select a point to observe its coordinates.
Profit or Loss0246810121416182050454035302520151050PRICE (Dollars per sweatband)QUANTITY (Thousands of sweatbands per day)MCATCAVC8, 30
In the short run, given a market price equal to $15 per sweatband, the firm should produce a daily quantity of sweatbands.
On the preceding graph, use the blue rectangle (circle symbols) to fill in the area that represents profit or loss of the firm given the market price of $15 and the quantity of production from your previous answer.
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Chapter 1 Solutions
The Economics of Sports
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