Based on the information above and its relevance to the application of theories of demand and supply behavior in Economics, choose the correct answer out of the following 4 statements. O The price scheme above is possibly the good price to close the gap between ticketed price and the true market price. O The new pricing scheme mentioned above for 2020 would far exceed the true market price O None of these three statements are correct answers, need more information about the market. O The market price of all tickets in Miami, FL area (the venue of 2020 Super Bowl Game) will be still much hip than the new pricing scheme announced by the NFL

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Every year in September, the NFL (National Football League) announces official prices of their next
Superbowl tickets. The official ticket prices for 2020 Superbowl ticket in the NFL official websites
started from $4,500 per person and it was up to over $12,000 per person depending on the location
of the seats from the field. However, about three fourth of all tickets were already distributed to the
NFL teams. The other one fourth are distributed to the media, NFL partners and sponsors. As a
result, a small fraction of a total of about 80,000 tickets were sold in the secondary market. Those
tickets were available to buy and sell in the official NFL online sites and other ticket brokers. Given
the limited supply of tickets available to the NFL fans to purchase, the actual prices are dominated
by the wide fluctuation of demand caused by many factors such as the venue of the game, the
winning teams for the championship match, the packages of tickets offered by the brokers, and the
weather forecast right before the game day. The record shows that the actual selling prices can go
many times higher than the above-mentioned range of prices posted in the NFL official online sites.
Based on the information above and its relevance to the application of theories of demand and
supply behavior in Economics, choose the correct answer out of the following 4 statements.
O The price scheme above is possibly the good price to close the gap between ticketed price and the true
market price.
O The new pricing scheme mentioned above for 2020 would far exceed the true market price
O None of these three statements are correct answers, need more information about the market.
O The market price of all tickets in Miami, FL area (the venue of 2020 Super Bowl Game) will be still much higher
than the new pricing scheme announced by the NFL
Transcribed Image Text:Every year in September, the NFL (National Football League) announces official prices of their next Superbowl tickets. The official ticket prices for 2020 Superbowl ticket in the NFL official websites started from $4,500 per person and it was up to over $12,000 per person depending on the location of the seats from the field. However, about three fourth of all tickets were already distributed to the NFL teams. The other one fourth are distributed to the media, NFL partners and sponsors. As a result, a small fraction of a total of about 80,000 tickets were sold in the secondary market. Those tickets were available to buy and sell in the official NFL online sites and other ticket brokers. Given the limited supply of tickets available to the NFL fans to purchase, the actual prices are dominated by the wide fluctuation of demand caused by many factors such as the venue of the game, the winning teams for the championship match, the packages of tickets offered by the brokers, and the weather forecast right before the game day. The record shows that the actual selling prices can go many times higher than the above-mentioned range of prices posted in the NFL official online sites. Based on the information above and its relevance to the application of theories of demand and supply behavior in Economics, choose the correct answer out of the following 4 statements. O The price scheme above is possibly the good price to close the gap between ticketed price and the true market price. O The new pricing scheme mentioned above for 2020 would far exceed the true market price O None of these three statements are correct answers, need more information about the market. O The market price of all tickets in Miami, FL area (the venue of 2020 Super Bowl Game) will be still much higher than the new pricing scheme announced by the NFL
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