Sports EconomicsStudy Guide OneBasic MicroeconomicsAugust 25, 2011Basic Economics1.According to lecture, how do the total revenues of sports in North America compare to the revenues of Wal-Mart? Repeat this exercise with respect to other major firms. 2.List and define the three fields within microeconomics that are examined in the economics of sports.3.List and explain the six steps one follows in testing a model.4.Briefly explain the role assumptions play in building a theory. What is the difference between a “weak” and “strong” assumption? Give an example of each from the study of sports. 5.Define and briefly explain the significance of “ceteris paribus.” If ceteris paribus is not imposed,what is the relationship between offensive rebounds and wins in the NBA?6.Explain how the nature of the data we utilize in economics hampers our ability to accept or rejecttheories.Basic Cost-Benefit Analysis1.Define the ‘Law of diminishing marginal utility’.
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