6. Suppose at a soccer game, ticket demand is given by 𝑃𝑑=40β0.5𝑄𝑑 and ticket supply is given by 𝑃𝑠=10+0.5𝑄𝑠. What is th
Posted: Wed Jul 06, 2022 5:55 am
6. Suppose at a soccer game, ticket demand is given byππ=40β0.5ππ and ticket supply is given by ππ =10+0.5ππ . What is theequilibrium quantity and equilibrium price?
A. Q = 30 and P = 30
B. Q = 25 and P = 30
C. Q = 40 and P = 32
D. Q = 30 and P = 25
E. Q = 30 and P = 35
7. An economist proposes that the performance of playeris related to how much the player gets paid. Performance is ratedon a scale of 0-10, and pay is in (thousands of dollars). Heobtains the following regression equation:ππππππππππππ=5.6+0.25πππ¦π Based on this regression equation, we caninterpret the following:
A. When there is no pay, player performance is at 5.6 and 1dollar of increase in pay will result in 0.25 unit of improvementin performance.
B. When there is no pay, player performance is at 0.25 and 1000dollar of increase in pay will result in 0.25 unit of improvementin performance.
C. When there is no pay, player performance is at 5.6 and 1000dollar of increase in pay will result in 0.25 unit of decrease inperformance.
D. When there is no pay, player performance is at 5.6 and 1dollar of increase in pay will result in 0.25 unit of decrease inperformance.
E. When there is no pay, player performance is at 5.6 and 1000dollar of increase in pay will result in 0.25 unit of improvementin performance.
8. Consider the following table:
A. Market size is positively related to the average pointspercentage and is statistically significant.
B. Market size is positively related to the average pointspercentage and is not statisti- cally significant.
C. Market size is negatively related to the average pointspercentage and is statistically significant.
D. Market size is negatively related to the average pointspercentage and is not statisti- cally significant.
E. Market size is not related to the average points percentageand is not statisti- cally significant.
9. Which of the following statement is true about the π 2value is a regression model?
A. 0<π 2<1, and the higher the π 2 value, the better themodel.
B. π 2>1, and the higher the π 2 value, the better themodel.
C. π 2>1, and the lower the π 2 value, the better themodel.
D. 0<π 2<1, and the lower the π 2 value, the better themodel.
E. 0<π 2, and the lower the π 2 value, the better themodel.
10. It is commonly known fact in North America, sportleagues are monopolies, whereas European sport leagues face perfectcompetition. Which of the following is false?
A. North American leagues are more profitable than Europeansport leagues in general.
B. In one particular city, there are only 1 or 2 teams inEurope, whereas there could be 5 or 6 teams in North America.
C. In North America and in Europe, sport teams donβt profitmaximize.
D. There are more European leagues that accumulate loss thanNorth American leagues.
E. All teams profit maximize in Europe and in North America.
A. Q = 30 and P = 30
B. Q = 25 and P = 30
C. Q = 40 and P = 32
D. Q = 30 and P = 25
E. Q = 30 and P = 35
7. An economist proposes that the performance of playeris related to how much the player gets paid. Performance is ratedon a scale of 0-10, and pay is in (thousands of dollars). Heobtains the following regression equation:ππππππππππππ=5.6+0.25πππ¦π Based on this regression equation, we caninterpret the following:
A. When there is no pay, player performance is at 5.6 and 1dollar of increase in pay will result in 0.25 unit of improvementin performance.
B. When there is no pay, player performance is at 0.25 and 1000dollar of increase in pay will result in 0.25 unit of improvementin performance.
C. When there is no pay, player performance is at 5.6 and 1000dollar of increase in pay will result in 0.25 unit of decrease inperformance.
D. When there is no pay, player performance is at 5.6 and 1dollar of increase in pay will result in 0.25 unit of decrease inperformance.
E. When there is no pay, player performance is at 5.6 and 1000dollar of increase in pay will result in 0.25 unit of improvementin performance.
8. Consider the following table:
A. Market size is positively related to the average pointspercentage and is statistically significant.
B. Market size is positively related to the average pointspercentage and is not statisti- cally significant.
C. Market size is negatively related to the average pointspercentage and is statistically significant.
D. Market size is negatively related to the average pointspercentage and is not statisti- cally significant.
E. Market size is not related to the average points percentageand is not statisti- cally significant.
9. Which of the following statement is true about the π 2value is a regression model?
A. 0<π 2<1, and the higher the π 2 value, the better themodel.
B. π 2>1, and the higher the π 2 value, the better themodel.
C. π 2>1, and the lower the π 2 value, the better themodel.
D. 0<π 2<1, and the lower the π 2 value, the better themodel.
E. 0<π 2, and the lower the π 2 value, the better themodel.
10. It is commonly known fact in North America, sportleagues are monopolies, whereas European sport leagues face perfectcompetition. Which of the following is false?
A. North American leagues are more profitable than Europeansport leagues in general.
B. In one particular city, there are only 1 or 2 teams inEurope, whereas there could be 5 or 6 teams in North America.
C. In North America and in Europe, sport teams donβt profitmaximize.
D. There are more European leagues that accumulate loss thanNorth American leagues.
E. All teams profit maximize in Europe and in North America.