No late assignments or makeups for problem sets. You must upload a problem set through Carmen in a single document. You must type all answers. Graphs must be produced digitally' 1' A friend is arguing that the fact that Ryan Day gets paid more than any other employee at OSU displays that people have \"backwards\" preferences. Use a supply and demand graph to show your friend that high salaries could be explained by supply and not de- mand. Use the term elasticity in your explanation. . These questions are not covered in the text, but can be answered with a few Google searches: (a) What is the current salary of Ryan Day and Chris Holtmann? How do these numbers compare to other coaches in the Big Ten? (b) How many men's and women's athletic programs (not counting club teams) does OSU currently have? And how many total athletic scholarships are awarded? (0) What are the predicted losses of not having football? i Fans often claim that tickets in MLB be be cheaper if there was a salary cap. Explain why if teams are prot maximizing, then a salary cap will not necessarily lower ticket prices. . Explain the difference between open and closed leagues. What changes would you expect if the NBA switched to an open league? . Set up the two team competitive balance model with a large market and small market team. Show that with both teams prot maximizing the large market team Wins more games. Explain intuitively why this makes sense. i Using the two team competitive balance model with a small market team and a large market team, show how P>s