Question

d segment of the labor supply of a ployer is downward sloping, then segment, the income effect dominates the substitution effect. b) For that segment, the substation effect dominates the income effect a) For that is no wage that equilibrates the market because the labor demand is also downward sloping. d) The labor supply for that player is completely elastic. 1.7 When a firm charges different prices for the same good in different segments of the market (i.e. for different groups like students) we have a) First-degree price discrimination b) Second-degree price discrimination c) Third-degree price discrimination d) Fourth-degree price discrimination According to the theory seen in class, in order to maximize profits, a league has to: 1.8 a) Promote competitive balance but take into account the size of each team and its corresponding marginal revenue curve. b) Promote perfect competitive balance regardless of the size of each team and its corresponding marginal revenue curve. c) Disincentivize competitive balance in order to create very dominant teams that can become dynasties. Reach the highest within season standard deviation.

Answer 1

Ans. 1.6 ) a) The income effect dominates the Substitution Effect - In this case , the Labor Supply curve becomes downward sloping.

1.7 ) c) Third Degree Price Discrimination - This is a type of price discrimination mentioned in the situation.

1.8) a) Promote competitive balance but take into account the size of each team and it's corresponding marginal revenue curve. - This can help the league to maximize profits.

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