At Fenway Park, home of the Boston Red Sox, seating is limited at 39,000, Hence, the number of tickets issued is fixed at that figure (supply of tickets). Seeing a golden opportunity to raise revenue, the City of Boston levies a per ticket tax of $5 to be paid by each ticket buyer. Boston sports fans, a famously civic-minded lot, dutifully send in the $5 per ticket. Apply this information in terms of what this tells us about the elasticities of supply and demand. Given your analysis of these elasticities, on whom does the tax burden fall..the tickets sellers, the fans or both? Why?

At Fenway Park, home of the Boston Red Sox, seating is limited at 39,000, Hence, the number of tickets issued is fixed at that figure (supply of tickets). Seeing a golden opportunity to raise revenue, the City of Boston levies a per ticket tax of $5 to be paid by each ticket buyer. Boston sports fans, a famously civic-minded lot, dutifully send in the $5 per ticket. Apply this information in terms of what this tells us about the elasticities of supply and demand. Given your analysis of these elasticities, on whom does the tax burden fall..the tickets sellers, the fans or both? Why?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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