For our Monday discussion of sports economics I would like you to take a look at a few short articles. My hope is to introduce you to what economic research looks like while at the same time having a little fun.
First off, don't let the statistics intimidate you; I will help to explain what everything means. Just keep in mind that ceteris paribus is an important assumption in economics. As mentioned in class, please print these out and highlight 2-3 sentences in each that you find interesting. You are able to access these articles for free anytime you are on a university computer or using TTUnet wifi. Also, you can log in to ScienceDirect from the library webpage and search for them there if you are not on campus.
What Does it Mean to Find the Face of a Franchise? Can you put a price on beauty? Economists can, and it turns out it even matters for football players (see photo to the left). This article shows that attractive quarterbacks are payed a premium compared to their more battered brethren.
Returns to Education in Professional Football: Is waiting an extra year to go pro worth it? This article describes how much more a collegiate player can expect to earn in their rookie year if they stay in school for one extra year.
As we make the transition from consumers to producers it is important to consider the intersection of supply and demand. This week's video lecture shows an interesting segment of the market that is outside the lines of both.
One of the questions to the video lecture asks you to find your favorite knock-off. If you have a particularly good one, list it in the comments to this post.
As mentioned in class, this week's video lecture is not actually a video. Instead, I would like you to listen to this podcast by Planet Money, "The Anti-Addiction Pill That's Big Business for Drug Dealers."
A couple of things to consider while listening and discuss in the comments section
-Does the law of diminishing marginal utility pertain to drugs like heroine?
-How about for the "miracle drug?"
Some questions to consider as you watch this video, and to discuss in the comment thread if you would like:
1) Do you agree with the joint statement (0:39 in the video)? How would you modify it if you don't?
2) Related to the argument at 2:15 in the video: If there is a large influx of unskilled workers, can we expect the wages of any group of workers to be helped out?
This week's (2.18-2.22) video lecture is on the price-elasticity of demand. This video is best watched in chunks, though. If you are watching and we haven't had Wednesday's lecture it may be best to stop at the 4 minute mark, and then watch the rest after Wednesday.
Monkeys are superior to men in this: when a monkey looks into a mirror, he sees a monkey.
Here is the video lesson for the week of (2.4-2.8) - Instead of it being new notes like the last few, it is instead a chance to get some more practice with comparative statics and the law of demand.
This week's video lecture (1.28 - 2.1) discusses the circular flow of economic activity. Use this video to complete notes on page 16 of your notes packet.
A few questions to guide your listening and note taking:
1) What does the household supply to firms?
2) What does the household demand from firms?
Here is the first video-lesson for the semester (week of 1.21-1.25).
Media for discussion:
What's 'Perfect' About Perfect Competition? A Prosperous Economy Needs Innovators - Huffington Post
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