By Paul Downward
Activities Economics is definitely the right advent for all activity administration and game coverage scholars and people for whom economics is a comparatively new region of research. The publication also will supply a fantastic advent to activities economics for economics scholars new to the realm. in particular designed to make economics obtainable the context of recreation is the point of interest of research, making sure that this booklet is energetic, available and approachable. the whole scope of the activities economic climate is tested, overlaying the 3 major arenas within which game happens - mass participation, specialist activities and activities occasions. the main components of the commercial illustration of those 3 markets are thought of, akin to the underlying call for for and provide of those activities, including the most coverage matters affecting them when actually foreign in scope, it focuses really on particular comparisons among the U.S., the united kingdom and mainland Europe. The breadth of dialogue and overseas emphasis is delivered to existence by way of an in depth dialogue of the facts in the course of the ebook to demonstrate the most important subject matters mentioned - excellent for either lecturer and scholar. mirrored image questions and packing containers also are utilized in chapters to steered the reader to contemplate particular issues in addition to to supply the context for particular theoretical or empirical contributions which have been used to examine recreation. * Embraces the complete scope of the activities economic system, together with mass participation, specialist activities and activities occasions* excellent source for activities administration and coverage scholars, making economics available via powerful pedagogy* Illustrated via overseas case reviews targeting the united kingdom, US and mainland Europe
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Extra resources for Sports Economics: Theory, Evidence and Policy (Sport Management)
Sample text
6 What will be the profit maximizing price and output of a perfectly competitive sports league? Hint: Remember that the sports league represents the market as a whole for perfectly competitive sports clubs. 1 that, in a price-taking market, demand and supply set the market level ticket price and number of fixtures, and this is consistent with the profit maximizing behaviour of individual clubs. If it is assumed that the monopoly and perfectly competitive leagues face the same demand curve, and that the production functions are the same in the aggregate, then from the monopoly diagram the perfectly competitive equilibrium would be where demand equals supply (the MC curve).
Better ways of viewing the employment of players in producing fixtures are discussed more fully in Chapter 9. An important point to note from the above analysis is that actual profit for the club per fixture is indicated by the difference between the AR and AC curves. AC refers to both fixed and variable costs, and therefore describes the full, total cost per fixture. Note that, unlike with revenues, MC and AC are not the same. The former is the cost of producing the last fixture. The latter is the cost of producing each fixture on average.
2 Consider a professional sports club. , would vary directly with the number of fixtures offered? Hint: Consider who actually produces the sports fixture on the playing field! In economic theory labour costs are usually assumed to be the variable input to a firm's production in the short run, and clearly this is applicable to sports, if one considers who is actually required to produce a sports fixture and who would need to be paid to do so. The implication is that the firm can more easily adjust labour than capital.