a). why does the existence of rival league often lead to mergers? b) will the post merge wage be higher than the original monopsony wage ? explain
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a). why does the existence of rival league often lead to mergers?
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- When the National Hockey League locked out the hockey players in an effort to negotiate a salary cap with the players' union, it was an example of conflict: O within a bilateral monopoly. O between unions and hockey fans. O between monopsony on the employers' side and competition on the union side. O within monopolistic competition.Economics That is, the aggregate supply of hockey players is given by w = 20 + 2L As demonstrated in the solutions, the aggregate demand for hockey players by the six hockey teams is given by w = We already solved for the perfectly competitive outcome and the monopsony outcome. Now, we'll consider the effects of a player's union. 1. First, assume that the players form a union, but the six teams are in competition. a) What is the equilibrium number of hockey players? What is the equilibrium wage? b) Team surplus? Player surplus? 2. Now, assume that the teams also form a league, so we have a bilateral monopoly. The league can easily coordinating the efforts of the six team owners, and thus the league has more negotiating power. In particular, the union's bargaining power is only B = 15. a) What is the equilibrium number of hockey players? b) What is the wage that gives players all the surplus? c) What is the wage that gives teams all the surplus? d) What is the negotiated equilibrium…The demand for NHL players can be written as: Qd=300-W , where Qd - number of players demanded by the league, W - wage of the player (you can think about it as of price). Marginal revenue: MR=300-2Q The supply of players: Qs=W, where Qs - number of players willing to play. ME=2Q . a) Imagine that both sides of the market are perfectly competitive. What is the equilibrium number of players in the league and what is the equilibrium wage? Show it on a graph. b) Imagine that players are represented by a union (monopoly), and the NHL teams compete for the players. What is the equilibrium number of players (Qu) and equilibrium wage (Wu) in this case? Show it on a graph. c) Imagine that NHL makes all the decision as a single entity (monopsony), and the players are not unionized. What is the equilibrium number of players (QNHL) and equilibrium wage (WNHL) in this case? Show it on a graph. d) What is going to be the equilibrium number of players in the league and what is the…
- Which of the following is an economics sub-discipline that is not typically applied to sports economics? Select all that apply. O International trade Public finance O Labor economics Environmental economics Industrial organizationSara checked out an interesting website because the front page appeared to show a visual graphic depicting one of her favorite bands. Taking a closer look, she realized the logo was actually for a sports team, which did not interest her. What caused Sara to interpret this message incorrectly? O a. a stereotype O b. the media O c. peer pressure O d. a symbolLeagues that follow the "Hulbert Model" will on average earn A profits than those that don't. One reason for that is that teams under the Hulbert Model tend to be A/
- Do sports teams show profit maximization behavior or do they tend to incline monopoly pricing? As a result of that discussion, how would you treat these entities: Firm or club? Please explain.What factors have contributed to entry barriers being lowered for many entrepreneurs? O a. decline in venture capital investing O b. greater interest in entrepreneurship c. sharing economy Od. higher business tax ratesThe English Premier League currently has no salary cap but is considering implementing one. They are doing this, in part, to reduce payroll disparities across teams that create competitive imbalance. How would the reduction in payroll imbalance affect the Gini Coefficient for the English Premier League?
- Price (Dollars) 700 500 200 ° South Korea (Less Elastic Submarket) Canada (More Elastic Submarket) DSK Price (Dollars) MC-- --200- MASK 25 35 Price (Dollars) Total Market MCATC 500 400 500 De 300 Dsk.c MC- MRC -200- MASKIC 0 0 10 20 30 15 30 45 60 Steel (Tons) Steel (Tons) Steel (Tons) What is the equilibrium price for Canada and South Korea after discrimination? O a 500$, 500$ db 700$,400$ Ос 400$, 700$ Od 700$, 500$The kinked demand model assumes firms will: O ignore the price increases of rivals and follow the price decreases of rivals. follow some price changes of rivals. O ignore all price changes of rivals. O follow all price changes of rivals. O none of the abovePlzz help (a) calculate safety level of both players (b) find nash equilibrium (pure and mixed)
