Every year in September, the NFL (National Football League) announces official prices of their nextSuperbowl tickets. The official ticket prices for 2020 Superbowl ticket in the NFL official websitesstarted from $4,500 per person and it was up to over $12,000 per person depending on the locationof the seats from the field. However, about three fourth of all tickets were already distributed to theNFL teams. The other one fourth are distributed to the media, NFL partners and sponsors. As aresult, a small fraction of a total of about 80,000 tickets were sold in the secondary market. Thosetickets were available to buy and sell in the official NFL online sites and other ticket brokers. Giventhe limited supply of tickets available to the NFL fans to purchase, the actual prices are dominatedby the wide fluctuation of demand caused by many factors such as the venue of the game, thewinning teams for the championship match, the packages of tickets offered by the brokers, and theweather forecast right before the game day. The record shows that the actual selling prices can gomany 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 andsupply 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 truemarket price.O The new pricing scheme mentioned above for 2020 would far exceed the true market priceO 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 higherthan the new pricing scheme announced by the NFL

*Given the official price range from $4500 per person to $12000 per person. *3/4th seats distributed…

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

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

Problem 1QTC

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Question 10
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Can you please check my work
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