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Consider the market for sports cards. If we assume that the supply of a players' cards is perfectly inelastic (there is a total of say
Consider the market for sports cards. If we assume that the supply of a players' cards is perfectly inelastic (there is a total of say 1000 cards for either player). Show graphically how (provide reasons etc) how the price of Hank Aaron and Mickey Mantle can have different prices of their cards. I have provided the career statistics for the players in the following table:
Table 2.1 Career Statistics of Hank Aaron and Mickey Mantle AB H R HR RBI Avg. Card Price Hank Aaron 12,364 3,771 2,174 755 2,297 .305 $250 Mickey Mantle 8,102 2,415 1,677 536 1,509 .298 $800 *Sources: Player statistics are from MLB.com; card prices are from Beckett Baseball Card Price Guide, 2016, p. 37Step by Step Solution
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