One of the reasons that the move of the Oakland Raiders to LA was blocked by the NFL was: The Raiders had a contract with the city of Oakland that still had five years left on it It would infringe on the monopoly of the LA Rams Oakland residents had signed a petition with over 100,000 signatures protesting the move. A majority of players on the team had not endorsed the move
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- In North America, although sport teams have monopoly power, but they do not profit maximize. Outline reasons why they do not profit maximize on their ticket sales. Provide 5 bullet points.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.The costs of tickets and transportation to and from the game, as well as the amount of time the fan invests in attending the event is called: Owayfinding demands sport supply and demand consumption cost ancillary cost
- What economic formula or graph does the Anti-Trust Department follow before they decide to break up a monopoly? Multiple Choice They look to see if MC=MR is beyond $10 billion. They try to calculate if price elasticity is less than .25 and inelastic. They do not use any commonly known formulas or graphs. Often times it is based on normative economics and/or it could be politically motivated. The number of registered consumer complaints must be beyond 10,000.Price (dollars per movie) Quantity demanded, weekend (movies per week) Quantity demanded, weekday (movies per week 18 0 0 15 100 0 12 200 0 9 300 100 6 400 200 3 500 300 22) Roxie's Movie Theatre has a monopoly and discovers that at $12 a movie, no one is buying movie tickets during weekdays. Roxie's conducts a survey and the table above reveals the results of the survey. Roxie decides to price discriminate between weekend and weekday moviegoers. The marginal cost of a showing a movie is $6. Roxie's charges ________ on weekdays and ________ on weekends. A) $9; $12 B) $6; $15 C) $6; $18 D) $3; $12 23) If a monopolist can perfectly price discriminate, it will A) charge the same price for each unit sold. B) produce until price elasticity of demand equals one. C) not be concerned with the market demand. D) charge a different…Suppose a monopoly team faces a demand for a sporting event of Q =100-p Given that the associated MR is MR = 100-2Q and that MC = 0 A.) Find the profit maximizing price and quantity of tickets sold B.) Given that a price ceiling of $5 per ticket is introduced, find the new number of tickets sold.
- A monopoly a)must have a patent to protect its products. b)is a price taker. c)produces the market output. d)doesn't lose any sales when it raises its price.A university football team faces the following demand schedule shown for tickets for each home game it plays. The team plays in a stadium that holds 60,000 fans. It estimates that its marginal cost of attendance, and thus for tickets sold, is zero. The table below reflects this data: Price per Ticket ($) Tickets per Game 100 80 60 40 20 0 Total revenue = $ 20,000 40,000 60,000 80,000 100,000 Using this information, calculate how much total revenue the team will earn.A monopoly typically causes deadweight loss due to * an absence of producer surplus an absence of profit low prices high input costs an inefficiently low quantity of output
- 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…When will a monopoly be economically efficient? a if it produces where the marginal cost equals the average cost b if it produces where the marginal cost is greater than the average cost c if it produces where the marginal cost is less than the average cost d if it produces where the marginal cost equals the priceNeed help with the following : What are some relevant public what are a few relevant public policy questions when a government considers breaking up a monopoly What are several pros and cons of regulating a monopoly