The following are the prices paid for the American television broadcasting rights of the summer Olympics since 1980: Moscow-NBC agreed to pay $85 million; 1984 in Los Angeles-ABC paid $225 million; 1988 in Seoul-NBC paid $300 million; 1992 in Barcelona-NBC paid $401 million; 1996 through 2008-NBC will pay $3.6 billion; 2010-NBC paid $820 million; 2012 in London-NBC will pay $1.18 billion for its American broadcast rights. Assume you have been charged with the responsibility of determin- ing the IOC and local Olympic Committee's asking prices for the Rio de Janeiro 2016 television broadcast rights for five different markets: Japan, China, Australia, the European Union, and Brazil.
Determine a price for each, and justify your decisions.