Scenario: Suppose Major League Baseball (MLB) is considering expansion to a U.S. city that currently does not have a MLB franchise. The league has compiled the following information on five cities viewed as the top contenders for an expansion franchise:

MLB decides Charlotte is the most attractive candidate to receive an expansion franchise and is contemplating how demographic and economic information is likely to affect demand to attend MLB games in Charlotte.
-Refer to the scenario above.Suppose attending other major league sports events is a substitute for attending MLB games.If the Carolina Panthers decrease their ticket prices by 2.6 percent,how will this affect demand for MLB games in Charlotte?

Question

Scenario: Suppose Major League Baseball (MLB) is considering expansion to a U.S. city that currently does not have a MLB franchise. The league has compiled the following information on five cities viewed as the top contenders for an expansion franchise:
  
MLB decides Charlotte is the most attractive candidate to receive an expansion franchise and is contemplating how demographic and economic information is likely to affect demand to attend MLB games in Charlotte.
-Refer to the scenario above.Suppose attending other major league sports events is a substitute for attending MLB games.If the Carolina Panthers decrease their ticket prices by 2.6 percent,how will this affect demand for MLB games in Charlotte?

Quizplus · Accepted Answer

The decrease in ticket prices for the Carolina Panthers will make attending their games relatively less expensive compared to attending an MLB game. As a result, some individuals who may have considered attending an MLB game may now choose to attend a Panthers game instead. This will decrease the demand for MLB games in Charlotte.

Scenario: Suppose Major League Baseball (MLB) Is Considering Expansion to a U.S