By Paul Downward
This ebook is exclusive in that it deals the 1st actually rigorous software of financial rules to its topic. The authors analyse:* the commercial literature on carrying leagues* the call for for pro crew activities* the gamers' labour market.Amongst the themes mentioned are the USA procedure of franchising and draft choices and the probabilities in their being followed in other places, the results of participant moves, the onset of pay-per-view and electronic tv, and the really new proposal that recreation is a enterprise like all different.
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Sample text
What vital ‘other things’ are most unlikely to remain equal in a sporting league when one team raises its labour costs? Assuming that there are diminishing marginal returns and that ‘other things’ remain equal, would it be logical for the owner to believe that for an extra £5 million a year their team could become the champions? 2. Suppose the team owner is a profit maximiser and further that they believe moving from sixth to fifth place would only affect ticket revenues. If there are only 15 home games a year, if there are on average only 800 empty seats at home games and if the ticket price is £25, which is set by the league and cannot be altered by the club, will they spend the extra £1 million yearly on improving their playing squad?
What vital ‘other things’ are most unlikely to remain equal in a sporting league when one team raises its labour costs? Assuming that there are diminishing marginal returns and that ‘other things’ remain equal, would it be logical for the owner to believe that for an extra £5 million a year their team could become the champions? 2. Suppose the team owner is a profit maximiser and further that they believe moving from sixth to fifth place would only affect ticket revenues. If there are only 15 home games a year, if there are on average only 800 empty seats at home games and if the ticket price is £25, which is set by the league and cannot be altered by the club, will they spend the extra £1 million yearly on improving their playing squad?
Market structure: general themes 17 Suffice it to say that the product and labour markets are clearly closely related. With this in mind we now illustrate the efficiency of the perfectly competitive market by contrasting it with the case of monopoly. Monopoly As discussed later in the chapter, it has been argued in the past that sporting leagues are examples of monopolies. Consequently it is instructive to assess the differences between monopoly and the economists’ ideal market system of perfect competition.