Economics in Sport questions

write a 5-7 sentence paragraph for EACH QUESTION. explain your reasoning for your answers and support everything with appropriate details of the economic terms and concepts and/or with outside research and real-life examples.
1. Use appropriate economic theory to explain why LeBron James might employ someone to answer his fan mail even if LeBron can read the letters and type the responses more quickly that the person he employs.
2. Use supply and demand to show why teams that win championships typically raise their ticket prices next season.
3. Suppose most fans prefer Sunday afternoon baseball games (regardless of opponent) to all other types of games. Describe two pricing strategies that a team could use to increase profits based on this difference in demand.
4. Suppose a city is laid out like a circle with one major highway going down the middle. If the city wants to build a new sports arena what are the pros/cons for doing it in the middle of the circle instead of the outskirts?

 

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