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Attendance on the horizontal axis and price of tickets

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Reference no: EM133082112

1. Write a short response of your impressions, thoughts, and/or opinions on the following clips:https://www.youtube.com/watch?v=NKZzGiS5hv0&t=3shttps://www.youtube.com/watch?v=lE3GSDnY51E&t=1s

2. The marginal cost of admitting an additional fan to watch the Sacramento Kings play basketball is close to zero, but the average price of a ticket to a Kings game is about $60. What do these facts tell you about the market in which the Kings operate? Use a graph to justify your answer.

3. Use supply and demand to show why teams that win championships typically raise their ticket prices the next season.

4. Use a graph with attendance on the horizontal axis and the price of tickets on the vertical axis to show the effect of the following on the market for tickets to see the Vancouver Canucks play hockey.

a. The quality of play falls, as European players are attracted to play in rival hockey leagues in their home countries.

b. Vancouver places a C$1 tax on all tickets sold.

c. A recession reduces the average income in Vancouver and the surrounding area.

d. The NBA puts a new basketball franchise in Vancouver.

Reference no: EM133082112

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