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Excess Demand for London 2012 Olympic Tickets
A prominent instance of excess demand was observed during the London 2012 Olympic Games. For this event, a total of 22 million ticket applications were submitted, while the supply was limited to only 7 million tickets.
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Sociology
Social Science
Empirical Science
Science
Economics
Economy
Introduction to Microeconomics Course
CORE Econ
Ch.8 Supply and demand: Markets with many buyers and sellers - The Economy 2.0 Microeconomics @ CORE Econ
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Market Operation Through Individual Bargaining
Excess Demand for London 2012 Olympic Tickets
In a market for football tickets, there are six potential buyers with maximum willingness-to-pay values of $8, $7, $6, $5, $4, and $3. There are also six current ticket-holders with minimum willingness-to-accept values of $2, $3, $4, $5, $6, and $7. If all transactions in this market occur at a single, market-clearing price, what are the total gains from all trades that will take place?
Calculating Surplus at a Fixed Price
Consider a market for football tickets where six potential buyers have individual willingness-to-pay values of $8, $7, $6, $5, $4, and $3. Six current ticket-holders have individual willingness-to-accept values of $2, $3, $4, $5, $6, and $7. If a regulation imposes a maximum price of $4 per ticket, what will be the outcome in this market?
In a market for football tickets, there are six potential buyers with willingness-to-pay values of $8, $7, $6, $5, $4, and $3. Six current ticket-holders have willingness-to-accept values of $2, $3, $4, $5, $6, and $7. Match each potential market price with the corresponding state of the market.
Analyzing a Shift in Market Supply
Consider a market for football tickets with six potential buyers having willingness-to-pay (WTP) values of $8, $7, $6, $5, $4, and $3. Six current ticket-holders have willingness-to-accept (WTA) values of $2, $3, $4, $5, $6, and $7. All trades occur at a single market price. Evaluate the following statement: 'Any single price set strictly between $4 and $6 (for example, $4.50 or $5.50) will result in the maximum possible number of mutually beneficial trades.'
Consider a market for football tickets with six potential buyers having willingness-to-pay (WTP) values of $8, $7, $6, $5, $4, and $3, and six current ticket-holders with willingness-to-accept (WTA) values of $2, $3, $4, $5, $6, and $7. If the government imposes a $2 per-ticket tax on the sellers, what will be the new number of tickets traded and the new market price?
Market Equilibrium Process
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Learn After
Ticket Market Analysis
For a major international sporting event, 22 million applications were received for only 7 million available tickets, all of which were sold at a fixed price. Given this situation, which of the following outcomes is the most likely economic consequence?
True or False: The primary reason the organizers of a major international sporting event, where 22 million applications were received for 7 million available tickets, would set a fixed price below the market-clearing level is to maximize total ticket revenue.
Critique of Olympic Ticket Pricing Strategy
Explaining Market Imbalance
For a major international sporting event, a total of 22 million ticket applications were submitted, while the supply was limited to only 7 million tickets. The resulting excess demand was for ______ million tickets.
Match each economic term to its description in the context of a major sporting event where 22 million applications were submitted for only 7 million available tickets, all sold at a predetermined price.
Consider a scenario for a major international sporting event where tickets are sold at a fixed price that is significantly lower than what many people are willing to pay. Arrange the following events in the most likely chronological and causal order.
Evaluating Ticket Allocation Strategies
For a major international sporting event, tickets were sold at a fixed price, resulting in significantly more applications than available tickets. Assuming the tickets were allocated through a random lottery system among all applicants, which statement best analyzes the economic efficiency of this allocation method?