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Belief concerning the income elasticity of demand for ticket

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Reference no: EM131547999

The CC's are a major league basketball team. CC's charge $10 for a reserved seat ticket to any one of their 71 home games they play each year. In addition, only before the season begins, the team offers to sell one and only one ticket book to each fan. The ticket book contain 10 reserve seat tickets to any game for a total payment of$50. Using consumer theory, show why the CC's sell the ticket book.

  1. If CC's tickets are an inferior good, could a fan end attending fewer games a year because of the ticket book offer?
  2. If CC's tickets are a normal good, could a fan end up attending fewer games a year because of the ticket book offer?
  3. What does this suggests about the team's belief concerning the income elasticity of demand for tickets?

Reference no: EM131547999

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