Financing Sport

Please answer the following questions using proper APA format regarding a title page, reference page, proper citations, etc. Please use one of the sources as the book Financing Sport by Howard and Crompton 3rd edition ISBN: 9781935412427 1. A number of “Measurement Challenges” were discussed in Chapter 4 that illustrated the serious gap between the publicly-reported cost of a new sports venue and its actual or true cost. Identify and discuss two (2) of the reasons for why the initial estimates of the cost of a new arena or stadium often significantly underestimate the final, “built out” cost of the facility. 2. One of the most serious omissions of economic impact studies is their failure to account for the Opportunity Costs of investing in new sports facilities. First, define the concept of opportunity costs. Why is it considered the fundamental social issues associated with government investment in sport? Provide an example of the opportunity costs associated with the use of public monies for the construction of a new stadium. Why is it critical for public jurisdictions to take into account the opportunity costs related to financing sports facilities?