Business, 24.06.2020 23:01, dtilton2003
Assume that there are three types of teams in Major League Baseball: large market, medium market and small market. Each of these types has ten teams for a total of 30 teams. The demand function for each type of team is:
DL: Q = 110 - 2P
DM: Q = 80 - 2P
DS: Q = 70 - 2P
Assume the marginal cost of a national advertisement is $610.
Required:
a. What is the price Major League Baseball will pay for each advertisement?
b. What is the number of advertisements Major League Baseball will buy as a league?
c. How much will each large market team pay for its share of the advertising budget?
d. How much will each medium-market team pay for its share of the advertising budget?
e. How much will each small-market team pay for its share of the advertising budget?
Answers: 3
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Assume that there are three types of teams in Major League Baseball: large market, medium market and...
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