Chapter 2
Discussion Questions – 1 (choose a specific college; does not have to be KWU) and 2
Problems – 2.4, 2.8, and 2.9 (make sure to label axes and curves on your graph)
Additional Questions
1. Suppose your friend owns an athletics store, where he or she finds scarce shoes, apparel, and trading cards at a decent price, marks up the price of the items, and sells a pair of shoes around $350, apparel over $150, and cards at various prices. Your friend goes to economist A, and economist A says your goods are elastic; if you increase the price, your total revenue will decrease. Your friend then goes to economist B, and economist B says your goods are actually inelastic; if you increase the price, your total revenue will increase.
Your friend then comes to you and says economists are confusing beyond belief. What knowledge can you provide your friend, in terms of whether his/her items are an elastic good or an inelastic good?
Discussion Questions:
Chapter 2
1.What factors determine the location of the demand curve for basketball at your college or university? Which of those factors might the school be able to influence and which are beyond its control?
2.Who is made better off by sites such as StubHub? What reason do you have for your answer?
Problems:
2.4 – Use supply and demand to show why teams that win championships typically raise their ticket prices the next season.
2.8 – Suppose that the WNBAs Los Angeles Sparks raise ticket prices from $50 to $60 per seat and experience a 5 percent decline in tickets sold. What is the elasticity of demand for tickets?
2.9 – Since the 1990s, many MLB teams have moved to new stadiums that are far smaller than the ones they have replaced. Assuming no change in demand, use an appropriate graph to show how such a change impacts ticket prices.
The source that the information comes from is Sports Economics, 6th Edition by Leeds, Allmen, and matheson
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