Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Just days before the 2015 Super Bowl was played in Glendale, Arizona, the average price of a ticket on the secondary resale market was $10,352,

Just days before the 2015 Super Bowl was played in Glendale, Arizona, the average price of a ticket on the secondary resale market was $10,352, more than three times the average price for the 2014 game. People who were able to purchase tickets at face value directly from the NFL paid prices ranging from $800 to $1,900 per ticket. The day before the game, ticket broker StubHub listed its least expensive seat at $8,049, while the most expensive seat was priced at more than $65,000.

Source: Benjamin Snyder, "Soaring Super Bowl ticket prices in one wallet-busting chart,"Fortune, January 31, 2015.

Refer to the Article Summary above.Based on the difference between the face value of Super Bowl tickets and the prices being charged in the resale market, the demand at the face value of the tickets is

a. unit elastic

b. perfectly elastic

c. inelastic

d. elastic.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Wisdom Of Crowds

Authors: James Surowiecki

1st Edition

0385721706, 9780385721707

More Books

Students also viewed these Economics questions