(Original PDF) The Economics of Sports 5th

Edition by Michael A. Leeds pdf download

https://ebooksecure.com/product/original-pdf-the-economics-of-
sports-5th-edition-by-michael-a-leeds/

Download more ebook instantly today - get yours now at ebooksecure.com

 Recommended digital products (PDF, EPUB, MOBI) that
you can download immediately if you are interested.

(eBook PDF) The Economics of Sports 6th Edition

https://ebooksecure.com/product/ebook-pdf-the-economics-of-sports-6th-
edition/

ebooksecure.com

(eBook PDF) Sports Economics 1st Edition by David Berr

https://ebooksecure.com/product/ebook-pdf-sports-economics-1st-
edition-by-david-berr/

ebooksecure.com

(eBook PDF) Sports Marketing: A Strategic Perspective, 5th

edition

https://ebooksecure.com/product/ebook-pdf-sports-marketing-a-
strategic-perspective-5th-edition/

ebooksecure.com

(eBook PDF) Journey of Adulthood 9th Edition

https://ebooksecure.com/product/ebook-pdf-journey-of-adulthood-9th-
edition/

ebooksecure.com
(eBook PDF) Myers Psychology for the AP Course 3rd Edition
by David Myers

https://ebooksecure.com/product/ebook-pdf-myers-psychology-for-the-ap-
course-3rd-edition-by-david-myers/

ebooksecure.com

(eBook PDF) Action Research in Education: A Practical

Guide

https://ebooksecure.com/product/ebook-pdf-action-research-in-
education-a-practical-guide/

ebooksecure.com

(eBook PDF) Organizational Behaviour 3rd Edition by Daniel

King

https://ebooksecure.com/product/ebook-pdf-organizational-
behaviour-3rd-edition-by-daniel-king/

ebooksecure.com

Foundations of Marketing - eBook PDF

https://ebooksecure.com/download/foundations-of-marketing-ebook-pdf/

ebooksecure.com

Research methods in human-computer interaction 2 ed

Edition Feng - eBook PDF

https://ebooksecure.com/download/research-methods-in-human-computer-
interaction-ebook-pdf/

ebooksecure.com
(eBook PDF) Blackstone's Statutes on Employment Law
2020-2021 (Blackstone's Statute Series) 30th Edition

https://ebooksecure.com/product/ebook-pdf-blackstones-statutes-on-
employment-law-2020-2021-blackstones-statute-series-30th-edition/

ebooksecure.com
For Daniel, Melanie, Dan, Tom, and Eric, who make
everyday a treasure.
 Brief Contents

Preface xvii

Part 1 Introduction and Review of Economic

Concepts 1
Chapter 1 Economics and Sports 3
Chapter 2 Review of the Economist’s Arsenal 13

Part 2 The Industrial Organization of Sports 61

Chapter 3 Sports Franchises as Profit-Maximizing Firms 63
Chapter 4 Monopoly and Antitrust 111
Chapter 5 Competitive Balance 151

Part 3 Public Finance and Sports 181

Chapter 6 The Public Finance of Sports: Who Benefits
and How? 183
Chapter 7 The Public Finance of Sports: Who Pays
and Why? 219

Part 4 The Labor Economics of Sports 249

Chapter 8 An Introduction to Labor Markets in Professional
Sports 251
Chapter 9 Labor Market Imperfections 289
Chapter 10 Discrimination 323

Part 5 Sports in the Not-for-Profit Sector 357

Chapter 11 The Economics of Amateurism and College
Sports 359

Works Cited 399

Photo Credits 423
Index 425

viii
 Contents

Preface xvii

Part 1 Introduction and Review of Economic

Concepts 1

Chapter 1 Economics and Sports 3

Introduction 3
1.1 The Organization of the Text 4
Special Features and Additional Resources 5
1.2 Babe Ruth and Comparative Advantage 6
Opportunity Costs 6
Absolute and Comparative Advantage 7
■■ Biographical Sketch: Babe Didrikson Zaharias 9
Summary 11 • Discussion Questions 11
• Problems 12

Chapter 2 Review of the Economist’s Arsenal 13

Introduction 13
Learning Objectives 13
2.1 The Supply and Demand Model 14
Demand, Supply, and Equilibrium 14
Changes in Supply and Demand 17
2.2 Producing Output and the Production Function 27
A Note on the Definition of Output 27
The Production Function 27
Price Ceilings and the Economics of Scalping 30
2.3 Market Structures: From Perfect Competition to
Monopoly 32
Perfect Competition 32
Monopoly and Other Imperfectly Competitive Market
Structures 34
The Impact of an Increase in Costs 37
2.4 The Rise of Professional Sports 39
■■ Biographical Sketch: Silvio Berlusconi 41
Summary 43 • Discussion Questions 44
• Problems 44

ix
x Contents

Appendix 2A Utility Functions, Indifference Curves,

and Budget Constraints 45
2A.1 Constrained Maximization 45
2A.2 Using Indifference Curves and Budget Constraints:
The Rise of Soccer and Baseball 52

Appendix 2B Regression Analysis in Brief 54

Multiple Regression and Dummy Variables 59

Part 2 The Industrial Organization of Sports 61

Chapter 3 Sports Franchises as Profit-Maximizing

Firms 63
Introduction 63
Learning Objectives 64
3.1 Maximizing Profits or Maximizing Wins? 65
Maximizing Profit 66
Maximizing Wins 67
3.2 A Closer Look at Revenues, and Costs 68
A Detailed Look at Revenue 71
The Distributional Effects of Revenue Sharing 82
Cost 84
Opportunity Cost and Team Movement 85
3.3 Taxes, Profit, and Owner Behavior 86
Finding Profit in Losses 86
Operating Income, Taxes, and Profit 88
Vertical Integration 88
3.4 The Importance of Leagues 90
The Origin of Leagues in American Sports 91
Setting the Rules 92
Limiting Entry 94
Limited Entry as Cooperative Behavior 98
Advertising 98
■■ Sports and the Law: The Limits of Leagues 101
3.5 Soccer’s Alternative Business Model 102
Profit-Maximization in Soccer 103
The Impact of Promotion and Relegation 104
The Financial Dangers of an Open System 106
The Single-Entity Ownership Model 106
 Contents xi

■■ Biographical Sketch: Bill Veeck 107

Summary 108 • Discussion Questions 109
• Problems 109

Chapter 4 Monopoly and Antitrust 111

Introduction 111
Learning Objectives 112
4.1 What’s Wrong with Monopoly? 112
Monopolists and Deadweight Loss 112
Do Monopolies Always Charge Monopoly Prices? 115
Promotion, Relegation, and Monopoly Power 116
4.2 Strategic Pricing and Price Discrimination 117
Variable and Dynamic Ticket Pricing 117
Bundling 120
Price Discrimination and Two-part Pricing 121
Monopoly Stood on Its Head: A Brief Introduction
to Monopsony 124
4.3 What’s Right with Monopoly? 125
4.4 Barriers to Entry that Leagues Create 127
■■ Sports and the Law: Franchise Location 128
4.5 S ociety’s Response to Monopoly and Monopsony:
Antitrust Laws 129
An Important Anomaly: Baseball’s Antitrust Exemption 130
Leagues That Lack an Antitrust Exemption 134
Limited Exemptions: The NFL and Television 135
4.6 The NCAA: An Incidental Cartel 136
4.7 Prisoner’s Dilemma: How Rational Actions Lead to Irrational
Outcomes 139
■■ Biographical Sketch: Alvin “Pete” Rozelle 142
Summary 144 • Discussion Questions 145
• Problems 145

Appendix 4A Overview of Basic Game Theory 146

An Alternative Application of Game Theory 147

Chapter 5 Competitive Balance 151

Introduction 151
Learning Objectives 152
5.1 Why Fans and Owners Want Competitive Balance 152
The Fans’ Perspective 152
xii Contents

The Owners’ Perspective 153

The Effect of Market Size 154
The Influence of Diminishing Returns 156
A Brief History of Competitive Balance 157
5.2 Measuring Competitive Balance 158
Within-Season Variation 158
Between-Season Variation 162
Illustrating Competitive Imbalance 164
5.3 Attempts to Alter Competitive Balance 167
The Invariance Principle 167
Revenue Sharing 169
Salary Caps and Luxury Taxes 171
The Reverse-Order Entry Draft 173
Schedule Adjustments in the NFL 176
Promotion and Relegation 176
■■ Biographical Sketch: Bud Selig 177
Summary 178 • Discussion Questions 179
• Problems 179

Part 3 Public Finance and Sports 181

Chapter 6 The Public Finance of Sports:
Who Benefits and How? 183
Introduction 183
Learning Objectives 184
6.1 How Teams Benefit from New Facilities 184
Facilities, Attendance, and Profits 185
6.2 How Fans Benefit from a New Facility 187
The Size and Shape of Baseball and Football
Stadiums 188
The Size and Shape of Basketball and Hockey Arenas 194
Do New Facilities Create Better Teams? 196
Teams as Public Goods 197
6.3 How Cities Benefit from Teams, Facilities, and Events 199
Positive and Negative Externalities 200
Facilities, Spending, and Tax Revenue 203
Location, Location, Location 211
The Impact of Special Events 212
 Contents xiii

■■ Biographical Sketch: Al Davis 215

Summary 217 • Discussion Questions 217
• Problems 217

Chapter 7 The Public Finance of Sports: Who Pays

and Why? 219
Introduction 220
Learning Objectives 220
7.1 How Cities Came to Fund Stadiums 220
Teams on the Move 221
The Three Eras of Stadium Construction 222
■■ Sports and the Law: Who Can Move? 223
7.2 How Teams Exploit Monopoly Power 224
Leagues, Cities, and Market Power 225
The Winner’s Curse 229
7.3 Stadium Location and Costs 230
How Exchange Rates Affect Costs 231
Why Most Stadiums Are Not in the Center of Town 232
7.4 Stadium Costs and Financing 234
7.5 Paying for Stadiums 237
Who Pays a Sales Tax? 240
Incremental Financing 242
Taxes That Spread the Burden 243
The Benefits of Debt 243
■■ Biographical Sketch: Williard “Mitt” Romney 246
Summary 247 • Discussion Questions 248
• Problems 248

Part 4 The Labor Economics of Sports 249

Chapter 8 An Introduction to Labor Markets

in Professional Sports 251
Introduction 251
Learning Objectives 253
8.1 An Overview of Labor Supply and Labor Demand 253
Labor Supply 254
Labor Demand 256
Labor Market Equilibrium 261
8.2 The Economics of Tournaments and Superstars 265
xiv Contents

8.3 T
 ournaments, Cheating, and the Distribution of
Income 269
More Potential Pitfalls of High Rewards: The Case
of NASCAR 270
Too Much of a Good Thing 272
Performance-Enhancing Drugs 273
The Distribution of Income 277
■■ Biographical Sketch: Scott Boras 278
Summary 280 • Discussion Questions 280
• Problems 281

Appendix 8A The Labor–Leisure Choice Model

of Indifference Curves 282
The Labor–Leisure Model When Hours Are Fixed 286

Chapter 9 Labor Market Imperfections 289

Introduction 289
Learning Objectives 290
9.1 The Monopsony Power of Sports Leagues 290
The Economics of Monopsony 290
The Reserve Clause 292
9.2 Unions in Professional Sports 293
A Brief Introduction to the Economics
of Unions 294
■■ Sports and the Law: McNeil v. The National Football
League 299
Salary Arbitration 302
Measuring Monopsony Power 303
Salary Caps 304
Luxury or Competitive Balance Taxes 308
The Impact of Rival Leagues 309
9.3 Labor Conflict and Compromise in Collective
Bargaining 311
Comparing the 2011 NBA and NFL
Negotiations 315
Professional Tennis Associations 318
■■ Biographical Sketch: Marvin Miller 320
Summary 321 • Discussion Questions 322
• Problems 322
 Contents xv

Chapter 10 Discrimination 323

Introduction 323
Learning Objectives 324
10.1 Becker’s Theory of Labor Discrimination 326
10.2 Different Forms of Discrimination in Professional
Sports 327
Employer Discrimination 327
Does Anyone Win with Employer Discrimination? 332
Employee Discrimination 337
Consumer Discrimination 340
Discrimination by National Origin in European
Soccer 342
Positional Discrimination or Hiring Discrimination 344
Gender Equity—A Special Case? 348
10.3 Title IX and Discrimination in College Sports 349
■■ Biographical Sketch: Branch Rickey 352
Summary 354 • Discussion Questions 354
• Problems 355

Part 5 Sports in the Not-for-Profit Sector 357

Chapter 11 The Economics of Amateurism and College

Sports 359
Introduction 359
Learning Objectives 360
11.1 The Troublesome Concept of Amateurism 360
A Brief History of Amateurism and the Olympic
Ideal 360
11.2 The Costs and Benefits of College Athletics 366
The Revenue from Intercollegiate Athletics 366
The Revenue from Bowl Games 369
The Cost of Intercollegiate Athletics 373
Do Colleges Profit from Athletics? 375
Spillovers from Athletics to the University 376
11.3 The Role of the NCAA 380
The NCAA as a Regulatory Agency 380
The NCAA as a Club 382
xvi Contents

The NCAA as a Cartel 383

Academic Standards: A Basis of Academic Integrity
or Monopoly Power? 387
11.4 The Returns to the Athlete 389
Pay for Play: The Grant-in-Aid 389
Measuring the Net Value of Athletes to Colleges 391
College as an Investment for the Student-Athlete 391
■■ Biographical Sketch: Anita Defrantz 396
Summary 397 • Discussion Questions 398
• Problems 398
Works Cited 399
Photo Credits 423
Index 425
 Preface

As The Economics of Sports reaches its fifth edition, it is interesting for us to reflect
back on the almost fifteen years since we began work on the first edition. When
the first edition was published, the field was relatively new but rapidly growing.
Undergraduate sports economics courses were popular, but not widely offered.
Today, sports economics stands as a vital subdiscipline within applied micro-
economics, with new and exciting research being produced by economists from
around the world. Along with the increased research, the number of sports eco-
nomics courses has grown as well. Throughout this process of growth and change,
sports economics continues to serve as both a mirror and a lens, reflecting our
broader culture and values, while at the same time bringing into focus such fun-
damental issues as fairness and the legitimacy of free markets. With the passing of
each season, new events unfold in professional and amateur sports that deserve
analysis and explanation. Finally, in the context of this book, sports economics
remains a vital and interesting area of study for students of economics. Sports
provides a seemingly endless set of examples from every area of microeconomics,
giving students the opportunity to study public finance, industrial organization,
and labor markets in a context that holds student interest like no other industry.
Over the many years that we have worked on this project, we have enjoyed
continuous help and support from students and colleagues at colleges and univer-
sities across the United States and around the world. Our colleagues continue to
offer encouragement, share classroom experiences, and suggest new and different
coverage as the industry evolves. For all of this support and help, we are most
grateful. And as we have said many times, we hope that our own enthusiasm, as
well as the enthusiasm others have shared with us, is reflected in the text.
In recent years, many outstanding books that concentrate on specific sports
or particular aspects of the economics of sports have been published. This text
stands apart from the others in that it has the instruction of economic concepts as
its central focus. We hope you find it useful and interesting.

New to This Edition

The fifth edition represents our most comprehensive revision and update of the
text since the first edition appeared in 2001. In doing so, we have retained the fea-
tures from previous editions that made learning about sports economics meaning-
ful as well as enjoyable, while at the same time incorporating many recent events
in the sports industry and the broader economy.
• We have introduced a new feature for the fifth edition: Sports and the Law.
Though we discuss the important decisions that have shaped the sports
industry throughout the text, we’ve chosen four specific cases that particu-
larly highlight the profound impact of the law in this industry. You will find
these features in Chapters 3, 4, 7, and 9.

xvii
xviii Preface

• Chapter 2 now contains a full review of production theory in the context of

team rosters as well as a review of the relationship between marginal prod-
uct and marginal cost.
• Chapter 3 has been rearranged to highlight the differences between profit-
maximization and win maximization as owner strategies. It also places
greater emphasis on the role of the theory of clubs as an explanation for the
recent turmoil in intercollegiate athletic conferences.
• We have supplemented our presentation of advanced profit-maximizing
strategies with a discussion of dynamic ticket pricing, including a compari-
son to variable ticket pricing and ticket bundling.
• The most significant change for this edition is the reorganization of Chapters 6
and 7. Chapter 6 now covers the benefits of public support for stadiums and
events such as the Olympics to owners, fans, and cities. Chapter 7 covers the
economics of financing these facilities and events. While much of the discus-
sion that users liked from previous editions has been retained, the new orga-
nization should lead to improved student understanding.
• Chapter 9 has been revised to provide a comprehensive explanation of the
process and outcomes of the new collective bargaining agreements in the
NBA and NFL.
• We have integrated Chapter 11 more fully into the rest of the book by
emphasizing such concepts as profit-maximization and spillovers that
appear elsewhere. This allows us to show more clearly how athletic depart-
ments resemble—and do not resemble—professional sports teams.
As with the previous editions, our goal for the fifth edition is to keep the
text comprehensive yet accessible. The text is designed to serve as the foundation
for undergraduate courses in sports economics. The nature of the subject matter
makes this a unique challenge. Unlike area courses such as industrial organiza-
tion or labor economics, which are self-contained fields in the broader area of
economics, sports economics cuts across a wide array of economic disciplines.
To deal with this problem, we have split the text into five parts, three of which
are devoted to illustrating prominent areas of economics: industrial organiza-
tion, public finance, and labor economics. We hope that this division provides
­students with an overview of much of economics and inspires them to pursue
each field in its own right. Because we focus largely on professional sports in
the first four parts of the book, we include a closing section devoted to amateur
sports. This final part provides insights into theories related to the not-for-profit
sector of the economy, such as the theory of bureaucracy. Each of the five parts of
this text presents significant economic theory and recent evidence and research
for that area of economics.
To make the text accessible, we assume that students have had one semester
of microeconomics principles. Balancing accessibility against an economist’s desire
for theoretical rigor remains a challenge. In order to help the students understand
the economics and to make the treatment more entertaining, we have included a
generous component of sports history to place the events and economic theory in
perspective.
 Preface xix

Intended Audience
Economics of sports classes are taught at a variety of levels, ranging from undergrad-
uate courses, with principles of economics as the only prerequisites, to the graduate
level. This text is designed to offer a high level of flexibility to the instructor. All the
material in the main body of the text should be accessible to students with a single
semester of microeconomics principles. In order to enrich courses taught at a higher
level, we have included appendices containing intermediate-level material at the end
of several chapters. To ensure that all students begin the course with a common back-
ground, we provide a substantial review of principles-level material in Chapter 2.
This material can either be covered explicitly with lecture support or left to the
­students to read on their own, as needed. For instructors interested in presenting the
results of econometric research, Chapter 2 contains an appendix on the fundamen-
tals of regression. In advanced undergraduate- and graduate-level courses, the text
can serve as a foundation for common understanding of basic concepts.

Organization of the Text and Coverage Options

As stated previously, the text is divided into five parts. The first two chapters pro-
vide an introduction to sports economics, a review of principles-level tools, and
an illustration of how economic principles apply to the sports industry. Chapters
3, 4, and 5 focus on the industrial organization of the sports industry. Here, we
discuss the competitive landscape, the implications of monopoly power, profit-
maximization, and competitive balance. Chapter 4 focuses specifically on issues
of antitrust and regulation and discusses how they have impacted the formation,
success, and, sometimes, the failure of leagues. Chapter 5 describes why leagues
are concerned about competitive balance, how competitive balance is measured,
and how leagues might attempt to alter the balance of competition in a league.
Chapters 6 and 7 focus on public finance. In this portion of the text, students learn
the benefits and costs of providing public support for stadiums and events, why
teams seem to have so much power over municipalities and why municipalities
fight so hard to keep the teams they have as well as court new ones. Chapters 8
through 10 focus on labor issues related to sports. Chapter 8 introduces the
­fundamental theories of labor markets, including human capital theory and tour-
nament theory. Chapter 9 covers monopoly unions and monopsony, two labor
market imperfections that profoundly impact the functioning of most sports labor
markets. Chapter 10 discusses discrimination. Finally, Chapter 11 focuses on the
economics of amateur sports, especially major collegiate sports. Because major
college sports is really an industry itself, this chapter serves as a capstone to the
text, incorporating the theories and concepts from many of the previous chapters.

Additional Resources
The text is accompanied by an online Instructor’s Manual, updated for the fifth
edition by George Diemer of Chestnut Hill College. We are pleased to provide
PowerPoint slides, written by Eva Marikova Leeds of Moravian College that
xx Preface

contain all figures and tables in the text as well as lecture notes for classroom
presentation. We are also pleased to offer a Test Bank for the fifth edition of the
text, written by, David Chaplin of Northwest Nazarene University which contains
additional questions and suggested answers for further classroom or test use. The
Instructor’s Manual, PowerPoint slides, and Test Bank may be accessed via the
Instructor’s Resource Center at www.pearsonhighered.com/irc.
Students and instructors may also access the text’s companion Web site at
www.pearsonhighered.com/leeds. Updated for the fifth edition, the Web site fea-
tures chapter quizzes, current Web links, and additional sports data.

Acknowledgments
In a project such as this, the list of people who contributed to its completion extends
far beyond those whose names appear on the cover. We owe personal and profes-
sional debts of sincere gratitude to a great many people. First, we thank our team
at Pearson including Noel Seibert, Emily Brodeur, Maggie Brobeck, and Carolyn
Terbush. We also are grateful for the advice, encouragement, and suggestions from
the ever-growing community of sports economists who use this book. Their input
and support serve as a continuing source of motivation and assistance. We would
particularly like to thank all of those who read and reviewed the manuscript as
we prepared the fifth edition, including Andrew Zimbalist, Smith College; Bruce
K. Johnson, Centre College; Mary N. Gade, Oklahoma State University; Nancy
Jianakoplos, Colorado State University; Phil Miller, Minnesota State University–
Mankato; Joshua Price, University of Texas–Arlington; and Wayne A. Grove, Le
Moyne College. Their suggestions for improvements were excellent, and we tried
our best to incorporate them wherever possible. A special thanks to Eva Marikova
Leeds for her diligent review of the manuscript during the revision process.
Finally, as always, we thank our families: Eva, Daniel, Melanie, Heather, Daniel,
Thomas, and Eric, all of whom provided unwavering support.
Michael A. Leeds
Peter von Allmen
The Economics of Sports
This page intentionally left blank
Another Random Scribd Document
with Unrelated Content
The text on this page is estimated to be only 25.13%
accurate

JİN ela Mib e İla Sp e Tİ es ya ye 30 Sözel 6 özek Sagi Eyi

Sa iy Seine gil & Ay iy sakal dask öl delili DENİZİ b iiy Lak İli e Olen
celi ya Alkali İgr İİ RE) SA ye eyi .g“>la 3057 Gay dal Şile lb asl Haz
Gy $ 03 Biz e «vas be lr 6 yyl Tg Yİ m» al ö$ ze ç030$ : 2 le e “anl
plase «4 ie) üyeyle ayle. 4 ele SİS biz NE PE A a
The text on this page is estimated to be only 24.10%
accurate

AY sig Üs e Sims! da laz Şia |, Ole SE ON bae çiy Oyak ila

dye e diği İ agi Soylal dğiii Gele Sl Ligige e ir 6 ŞE See $ b sklera e
eze ola) Lola... çiş Denli iy sl Si asglarrle al 057 e öl bl NÜ a al salaş
Hel Ge SOY 6 SL e ge vd) Gezen ob özi diz ği JS b yy yla eyl Üye Bb
3 yele byk Şİ ge al yeğ sl ediy özge g5 gol ÜS İŞ oz Yez ir e ya VOl>
de ask. eeesa 6 yla yes le ayla Ses Ağ özle yyl ET ül YAL ke İle 037 &
SA İMüe Şire ŞEN ds € Şasa Sil ib İŞE AS iy
The text on this page is estimated to be only 22.64%
accurate

b AVA İN se Az eya ipek Sl sizlik maıl. a) e SE ! La Sali «la

S5 YAL Mita 5m GN AE gg AZAR. e Mike Ye Seslere yazik lal ge tak
ag ül les gz € Yk oaa$ gile Öyy yemez) «ilin oo lleia Sike gile ŞA İY iy
Şami e L> übşb a & AKI like KR yi es 2 ele Maggi çöken JB ökk. «gif
İME ŞAMİ Jaye lb ga
The text on this page is estimated to be only 23.67%
accurate

VA era yy YE AN as al 3 VEN e yi aa. öle & pas aybaşı dil

yese S hel rh üymülle oy! giz ul lal Olâk se dini 5 Si hel Gİ Seyi Sl ağ
dal pim aal 5 1 Şo payiz Açm llmiyıai oks v8 öpüş — dul EYİ zmaleki.
Ces ie ET Se haf lal gala “ev oh 0 iel
The text on this page is estimated to be only 21.78%
accurate

vV gu ye ses e öy Yaşı s3 e gl elik öy: Sl ii İİ il vi PEY MK e

bilyab pl dal a elç enli .- B ca, Hek... ye AZ! çük ! diy —— $ yağ MA
ge 03 ze gi lal 1333) 6 kaka as ezl 3 Six Hey a elaler ilk A gp pi3> yl
ke iş a çaya Gdeyazy Çİ e O EV « pek gel ÜŞ» 0 Sel! © a2 hiz İİİ ME
asel. 6 z ÖK salat İ ap e G7 gu 3 Gg ve Kayi gi e AK, gen eki İYİ >
yla SOS El kl ei
The text on this page is estimated to be only 26.06%
accurate

vx . delasi 42 > Kg e Uy e gg sl al del ayle gil > .yAsmelir

.& e El zi ve Oyle çi! DE di a İN Şanal — pi bike oAğsâ e 28 M0 > 7
95 E$ yezlne (S Jyhib oy e EE & SABUN yalana yi ye gel DİYE gl gz iy
al s1 ayla İpar öğre ga İN içel ül $ A) s0Zl yl ge 6 b pu2b o «ülke »»
ye >> MY yEy Rl A e a) AY ge AZ va >i ! AN ei TET çe gi kl pi 30)
yayda ilin ga e ak ! Zezi a EYP sa) ayla Giy 64 7 Myyş . lal y&>l Haki
Db 6k alel 7 Sİ cal çile gb is in
The text on this page is estimated to be only 25.14%
accurate

e e e 3 Sİ azla re ie KA a > sa Lypele aza ii Sı SAbge Olga

doal ae iy İİ EE olagb yü aa le ziy İİ $ ya SİS Ge lb ze e ya ady e e e
GOZİ yele y İz Geayizii sole. ek SİSE iple A Si e e İŞ 9 ai Yaz şb ala
SİS el Sö cağ il. | eylişbe lal Selb yav EN Şii e ve gazlar ...$ Bag ENE
Gl ae KE egale DSİ 27 bk yiye a Sul «e lu 4 Aka! e) İeni Keli Si > 4
ban vü S9 6 > y ya 7 JJ Lal a)
The text on this page is estimated to be only 24.15%
accurate

vE EGE yaz e İğ male» ! sol Max ole yö 03 iha2l> » ida PE

Ee bez «v179 İle 35 » £aalö güm > ülybemir Ay » «3 Se yol yil va Sİ
> c eh ga w y ka! YEL ola kalka ki £ azla la e > bel yi gk | X$3 s4âY
leş lalş 1 1 oi «(sz Si MT, ,- diya İİ iz Ep YADE ODY ee My İNŞ Go
yayi Mİ al il 7 a ea Gi «Şİ al o lalisl e Sy esl e Eee 2 ger A er ©
İayama ANA) iyi 3 izl Çeki elli saz bela, A edil gele, laz
The text on this page is estimated to be only 34.91%
accurate

ve &, oi 8 s4 de 02! Şile » $ JAMAL Ey Jdesap : g1 > İz l >

vga sai «esti DEAN KAŞ e anozb ozk 6 ! gal İS ağlak « İaazal » $
dala ol NE paz € 224 yel Lai » lal slabi ke a e z 4 T pa V>k Gil ydi 0
Arak al z — Za yal yal gel 6 “> b 4 izale e Sali öz 8 < ala 012 ol e
SEE) Ja! ©; . Haklı ol « aw yz A ri Z 4 6 RAM > 4>— 7 Sö de 3. sale
al » 4 m ya? iel ai yale « Da g9 Di p S5 > Gi li a4) ab 9 di ) LA lys A
alay dile Al 4 Goz il ss pyrle iy alez Ni al « se a4 zel S5 vs » .
The text on this page is estimated to be only 29.29%
accurate

Vw — ze ab « gele; pa M3 334 33 S, ya> < gili DAA xe Şor

GA $ Lo $ AA>9» Dae Jar osu ylst» Gule Ce> :. yazl, ozi ŞA Nİ a © z
Yo! pg al ak e m Ye J, vie re va ba Eide) wv! > i yla BE a Alas! ei K
4xLN! y / . > kal : > Bh ba . 045 e - . ö Ci Vr 2 e NE gal yel . . siya
Cil Li 5 - OLA, Şu EEE ON J9 40) a l ge .. İl pi 5) - — . Jı « 1 ri DAN
ge Ee Sip Gellai gl ek di 5 kel Aly Mm Lb iye ok JaBİ « Asel 5-2 « yeli
< Ma ne | af, Sy gl Allar salein.la 8 6 3k al aleni gzel Gl EKA NEY 373
7 e y yi e S sala» e VE e ra EN bi ye 45 «! dia 3” & Yy Halka. ”. EN Li
.0 | - ği” A sayi « il Eye YL İs g0 kli. > zi DEN 4 5
The text on this page is estimated to be only 25.21%
accurate

VA koma İl Je le eğ LJM3IN DOĞ SE EE, öüeiyb iye üze

Gaal Abla #665 akel Sl ayy DE Sola GR (SA Be (6 golle sab aya sb
geze gl) yek salalğal ya al ele sp aile we sl > Alas yi Gi el ! all; dad)
Ape e BE v Jalz G03)p Falke e 4 Sİ ez elele 6 33 Haysyab yo, uu.
bazal haa Gİ ASA! dil al le dogal 45 yal » : a aa wp 3) des : ad Al ye
saslıl Gg c çil LA Gyab yaa e EE İ yoz yal» © 032 Aka, pö a oz yla o e
) pa ! pE c a Sl pov ye «Van sl ş sale s3 4 | kl , sw yiyl mes GN saki
kis.
The text on this page is estimated to be only 26.24%
accurate

VAM b Şİ ls e ogi » yal OYN ga tay Zal Am gl ve Şer GL

tolâe YU G3 göle öğ Se ! oi Mel azl Bİ; 245 gl ni ş İİ, aöl gi, oyak si “
Ke alak Ol ka Gali ya 057 Büğb SİŞ ES Sikiy ae ale İN ya eta 5 NS giy
kab, saral şamil AB Üye (ve galel lb S5... ei» il dol osb) çal bye yla be
ç yal ai sw» N Ş e GE sAdala yle YK el ek e Sil yas > eği iye, e 55 !
öle! «> Sl Jane gaz | 29 Gla ozal Sham Sayek siki Oy Öğe ale ke 3 e
ME ie çiş lab dee ib ağıl e 2x8 e
The text on this page is estimated to be only 27.48%
accurate

a a sale 037, e) o )iza Se ği yerel ar ler a me el 3 GB gen

oya Se) saa b ğe yeralan yata yy rally Se elesliz & sb e say Ul, yaly
gaz! Sil, A e e EY bik ozi dh Selek e e re Jale siya «dr ale 3g pi ipi
Maas yea WE goal, NE Ay öleyi Jale alay Ab Saim Ja) ağbi gl oy)9l 38
v6 . gaz —> ayla 3 il SA SU Gesi av se all iz az ) sl e > vw o 43 «
Sola e “ Lu - ri ” — (4 db Ale € ŞA SN vw yal oya DV Je öğr da) ols
sizi elan e ğ yağ Aİ —v gi! Os |)
The text on this page is estimated to be only 26.64%
accurate

VA gana 24 Mahlep « >0l sed) ge Yol al F7 Gİ» al JE egolu!

le li e aşa gol 4) çar 50 les SEE Ye ayal b 6 al göle özü b Gl e vi az
lag ii lam yle eya S5 Ss gu EÇ yla sALul : e yol Ür yeit gb all ,- yak.
eğlen eğ 3 eğob al ŞU çal yasi Hayim e Ae öle sAN, İLA NE elin çe al
yö | im2 > ayl eliz dit & a a Ii iglaal » yel ii ge Sga e ayni $ Siyr e 0
İl le e e e La a pepe! vals ça: ua ! Ju. e sazla il e s5ile ak
The text on this page is estimated to be only 25.30%
accurate

iv Gi . SX . edi Gi : Jge (4 up sazlı Üsygb iy Şİ «. ey a üye 3

Öl < 11 Meh a El) 2 , agi 55, Yil Ül > O ee : az kalb; e All € çel ale
Eğ gala e «ge sl Za Aa 3340 y0 4 bili he HE sh kle Bl iz la Sa P
getekaz «yk Ğİ iye lie » çete >) &S yu os laşla 8 Ola yyaasyl Gi NE e
SE EPA De Bkm iy 4g, s4 9le Lİ al .4> yal PP dd a) Ss ayle ez & inka
İl 3 Sa a; Ses ünl» $ymsışb o Sy ll ii 4) li 6 yazl gal ZA sa, ME 5 Cab
S ya $
The text on this page is estimated to be only 26.51%
accurate

eN 8 3,E > ta. > pul 00.041. . lt iğ v2 e KY » Jla> a e

SEMEN 53 al ee 5S iğ SAS alel; al izlel z üliz di iy Mez > e w7 A Ny -
okla 2 ye « > Sİ 0) ye ç PEGER SM e İN SL a «yk Jssoal la, Sal; 33 a
«wi las 4 s4 23 « 1s b . dogdl A LA 6 ($dsl Jake : GöğeŞ sasıla AR ef
el : kia a gok Şu SA 4215 Mr iy GET SA 15 0d ş ie dk > Gi AS $ DAml
ge pedi e eri < - Ls 3 Ja i lm | ; g o , , ASA 6 çe al ON tesi ş our oi ç:
dl Ü a) .. box ,b o al, sal pe Şila 8038 Ole dü ele
The text on this page is estimated to be only 21.83%
accurate

te PE a Ni GN v.> EE ve > NR Ee A e 6 gaza! 3g SA Ps No

değ» İ e k pe Şi Ösy all baz al o Ajlke sl Uz GS Şi eek İzak cisi e ve
Geyla ötekiei ia Ses jam 4303 Sao eli mz ge $ o sima (çet dei ce “lob
soyan (Şii ale, alg İz25 Kalay: Kelam ll gm sil oi gi pe İİ gel DR A v
Moeszl İk özdil uya & e li Ul ŞE 4535 3 bn al GA Sİ al ös özi EE dail
4! şel,
The text on this page is estimated to be only 23.28%
accurate

v4 PANİK GR A e İRİ g2 AG (Es gas ; ğe Her ale OYA zilan

ipa rr Süz olay b sh) çul Kp EB eli ba» meleği ŞA KM «oyak ale e ab
Ş! ey ÇE sa Kalb 8 yn Sr e Sale S6 sb 3Sİ a iğ) e e ONA za ük ği, ya
şeh ele ; ml glaE af dal zn os 5S Şöyle Gs yeka e 6s il e Aİ, « gir yi Ji
&3ygE yol : â> eyi DAN ze IŞ ve öle) SANI ALS özel gele ve vü gal
ekl ze girl İml sale 2 Kg ENA & ğa ozele Se Şüalöy e Pi yı GAL a8 PT
AŞ «. k39
The text on this page is estimated to be only 24.48%
accurate

AYAK ykç$e ea alya e Bee «dbayalr : & ya bl ie gl ni gul 0

Zİ > e” eye zi) Sn . e eli Nİ ye oz a R ği e e EYE Üdiey ep SÜ (5 pal
e e Si ve j Us Sl, & by,b Eb el gel > İsak 042! b e sl , e Mr lalek 2 5
4& 43 ye kez vella e SY i Al sip pk Spil zleri 3 Al zgesi Sala gzl saka
e)3l Şi Şeke e dl £ 5 KEYSİ 2S ŞU » yasi A Sİ e e Ale as Bol) vi Al A e
A eyni Aİ > Aaaa) Mala akn il ee te : > - 2 e ka hey ra Gr 4 )> Si c
Jalal e çev! ye do M> > v e 0S | is i gi LR e e
The text on this page is estimated to be only 25.02%
accurate

-.W soygi Sb giye bs gi | xsoYol İ çe eN 4> g9 zail Vee ig

sign Ji sl e vii dg all) Şİ öy il AA 2 öykeke 3377, $ — İçel al 7 üye dil
Sir yökdil — sab SİA SW Le 4S past so OA3l 4AS3 n l ke İş « dasliel
gk 45 Sks ek — S1 KE e ya a
The text on this page is estimated to be only 27.32%
accurate

VAN gi ye e yek rpm Üye ğine NB ayl ei 445 YAN LİL ele es
çam $ a3 İyem > Rİ İN SA) iie l Ha dye 0508 Ti gl 16 3m 04 e ya a ç
AYINI S3 $ o cr 5; e . oil le lis ak! pe Ne 4! İmes... yazlb BE ele » ale
gh Asi gel öYSl eliz sb e ii İN 8 yas zaya SAY & lp vi e elena el ai yal
bağ el SE SA Ala ya ei OEyb e & OYA deye kler öle yalar öl oydu Mig
diz gere 6 .< vi e SoJal Vga € İSA > > AS» Benmi çar! 920 yü
The text on this page is estimated to be only 22.77%
accurate

ge v laği İĞ! li gla el «şe ar g3 JA İd, be Hisylim 52 esli de

«55 Çiz 4 lela sl >üse ? 25) Na ni o ge s0a$ : EN OL) G8 diz ll eyl. ge
Miri yk laleli gel de iyi iel ie öz Haye amil Pele se v3 gan 03173 ve
gre e GE lb iye Şek lb « g>61 ol kle mali yıb ŞU A A İLAN ga$ S zay
mezi Gözeygbezs oğlü e ol al yal Dap “333431 ZAN Dea “ağal » le sal
b)y Sl Sl e Au goy e Beyli sök ls ei e DAL ve 4 037 işl öden b e se ein
YE al 3g al & sal gb Tae Sö ella KS essek
The text on this page is estimated to be only 26.71%
accurate

ER ee yili e a SY eyyb yak va Iİ A m ie Zİ İRİ öl ye öne

esenz ölesi « ğişeel 3 & ASİ sis ği > ER ç A Sambo e esl g6 m | ege
3 Yali S5 0.5 e A » «alel ale lal a3 ae » «ele Sayi yil yz 4.) gla e Oymi
ri ole; 0 Zl Mb ime e 261 ole 1slu3 Hayley iye | Oymozb ou sal Te gl
yalak a SE eyl e ES e $ ylalleş ke A. nil iz 33 AŞE lal ib yg yak İde $
< 418) a7 Oka Anil gu s0)lz HE okka! zel 0 $; cal Jj! e DA Ağ gl € ves
Ama Sl al ” . çi 1 a e e Ni! 3) gl gr 6 Şam r) & yayla eyle | koma) 1
ama Şa
The text on this page is estimated to be only 26.19%
accurate

SA b ilyeb, Fl iy 5543 e JE sizl A Şak 03) Lİ ŞB giye Ti gol | .

yaba KADA) 7 e Sobal A NĞLASLA, bise ENİ İsa! bal» al yalla ank e
a3 6 y>elul gi esl vw ya ç less ç gl SİZ Olly ap 00 3l & çiğ ilgli elek ol
ig «bar çene GENİ de islas » gla ye Eslen 1 dİk5 GA de 5 ye ea e
ema ke $ oalâa3 8 Se « ai 5 ya & oki e gö el ni i SW maa | EGE Saye
SM) üysa GİNA le öm! Da Ye Jalal EE Sal ai köle ssk ey AZ ayki e Ges
il la) SİS 6 ileal yiye ei öy » 335 Bİ Nİ 3 5 yi ai k vi « bre gule 4 yal
del “v8 oi
The text on this page is estimated to be only 27.64%
accurate

vV Teb il) sl op ekl AR yg — © İSYAİ aaylal e ye nel 7 EE 6

ekil a EL Di gi al Ty ea. alar b lar ve ekl eliz obz yol l, Ş ON yaa İzan
yola, « Xl GE İkea pi Za SE EE ai Şila A e çileği Sile APA e m e nz
ema laa gi e LZASM AE EŞ salam $ Say Ole anl za ğa) ya ni e İZ izl İİ
aye Sİ al Tms era ş GSİM İYİ dye Ei A eyy! ll Sİ İİK ll ya ele e iliş Ng
e öyl e alak el eee aa
The text on this page is estimated to be only 25.49%
accurate

.. oz yi vu e 20 sal) S le Ju dak seli : ni oyy akdi se! pi şe e

uğ ea giye 1 Si deal PA idi slal aksak çi NE iz e 635 bol ç ila! Gt ap al
(615) ilemi 3 İe$ 1 Ee Gi Yl yi le gi Vi ib A yi çğSE yyl ŞŞ ardi sü a ys
& Şİ Ga iye çö ak sis ila S5 li aaa Meailar. VE daya € ge çLl SSAİ sai
ye «ıç, Val A azab saisle «beke by ai le b Sal Sİ yil 47 m gin * $ «yol
pg e VE JU| ağ p | elbar — «> yi ür Vie Ja EEE ği
The text on this page is estimated to be only 28.36%
accurate

AZE A ea v UZ li edi SE ii e ŞE, T “dı 3, ib dh > ça ala) >

yalan gazali Aa ime baraj oi. S3 b ay SIR ei ENE pan “kz ai ç «sh pi e
yieygbel Ri im 5 — a — — * 3g Gg Sn .. ha$ hi Ee 5 e 5 3 ON Aİ vaa
e. JA Şan A als İzak si « bal Ee alaz Yaz Şami sa ys e She vu al s.h>
ce kiş $ keke s3 3 em çe hi ği A PA Pİ İS ; EYİ ea isa) 4-5 al 1S EN il
y AYE EY gre Yrd KYN alaya ve Si ğa LE * * a ) > mais oki sil i
The text on this page is estimated to be only 21.17%
accurate

« ççaadlalabal Pes c csirs MELİ ŞA S3 > « SAMİĞE g- ei AL

Ye GE 7 Halay Ty TA ele bağ eyle ; e boygb $k85 6 sala gazlı KDA z
gal Şaslkal Ş Nasydal k35 ie KAS K 35 V7 e v g2 Tal 6 paça Jel $ al
gala YE « 8 çağ aa OE İN 57 a5 2S EEE al çal bi e gel yalaka 3 eli VE
AE pese $ layla e Poz git d>le ! e Ms dr DR Uye cl : Şal 3 3 ia) Al bra
e, bö gi d34“J 83 lak! Saza , GG öz Rİ Ssk SİP cali P... le 035 gile lel
e soy gb gis less e «0; ! gg vE EY EE yiz Ya oka .. RAE öç le 5 > 2
Kat 23
Welcome to Our Bookstore - The Ultimate Destination for Book Lovers
Are you passionate about testbank and eager to explore new worlds of
knowledge? At our website, we offer a vast collection of books that
cater to every interest and age group. From classic literature to
specialized publications, self-help books, and children’s stories, we
have it all! Each book is a gateway to new adventures, helping you
expand your knowledge and nourish your soul
Experience Convenient and Enjoyable Book Shopping Our website is more
than just an online bookstore—it’s a bridge connecting readers to the
timeless values of culture and wisdom. With a sleek and user-friendly
interface and a smart search system, you can find your favorite books
quickly and easily. Enjoy special promotions, fast home delivery, and
a seamless shopping experience that saves you time and enhances your
love for reading.
Let us accompany you on the journey of exploring knowledge and
personal growth!

ebooksecure.com