THE ECONOMICS OF MAJOR LEAGUE BASEBALL Jonathan Flickinger Nicole Erwin Shannon Kane Jen Pergola Economics of Major League Baseball Jonathan : Defining the market, Supply and Demand, Goals and Constraints Nicole : Substitutes and Preferences Shannon : Utility, Income, and Price
THE ECONOMICS OF MAJOR LEAGUE BASEBALL
•30 Major League Baseball teams
•Each team has their own stadium/dome
•Each team consists of 18-22 players
•Coaches, Personnel, etc.
•Teams spread across the US and Canada
• 30 Major League Teams
• 162 games a season
A good that can be used in place of some other good and that fulfills more or less the same purpose
• Minor League baseball
• College baseball
• High School baseball
• Recreational/Youth baseball
•Most people prefer major league baseball
COST OF TICKETS &BUDGET CONSTRAINTS
The different combinations of goods a consumer can afford with a limited budget, at given prices.
• Restaurants within the ballpark
• Between Innings: t-shirt toss & mullet moments
• Special Promotions: Fireworks & Bobbleheads
INCOME AND PRICE
Income: the amount that a person or firm earns over a particular period.
Price: the amount of money that must be paid to a seller to obtain a good or service
Why does Major League Baseball have the characteristics of a Monopoly?
Why should you care about the economics of Major League Baseball?