scroll to top
Stuck on your essay?
Get ideas from this essay and see how your work stacks up
Word Count: 1,464
Introduction At the 2003 Rugby World Cup held in Australia rugby officials set ticket prices for all matches in advance However when the tickets went on sale some seats were sold out while others remained unsold This assignment will aim to firstly prove that the reason for some matches selling out and others not was due to the price and number of seats available in each category Secondly show the effects the popularity of a match has on demand and the amount charged Finally how the economic situation contributing to average incomes influences the amount of seats purchased To prove this a number of supply and demand analysis graphs and income elasticity workings will be offered in order to further assist the reader in understanding the economic concepts that contribute to the given issue Definitions Income Elasticity Of Demand A Measure of the responsiveness of the quantity demanded to a change in income Supply Demand Market supply and demand analysis is a fundamental aspect in any business today to decide how much a good or service will be priced and is also the basic tool of microeconomic analysis In Australias capitalist economy the consumer has the right to make the choice on which good or service they wish to purchase this is also referred to as Consumer Sovereignty Layton Robinson Tucker 2002 p58 This concept played a large role in the 2003 Rugby World Cup in that the customer was able to choose the match they watched and the category they wished to sit in the choice bring Category A B or C A being the most expensive with the most number of seats and C being the cheapest with the least amount of seats Argentina vs Romania Assumptions CategoryPriceQuantity A2540000 B1530000 C1010000 o httpwwwrugby2003comauticketingpricesasp FIGURE 1 Category A Price Quantity Seats Q2 Q1
@Kibin is a lifesaver for my essay right now!!
- Sandra Slivka, student @ UC Berkeley
Wow, this is the best essay help I've ever received!
- Camvu Pham, student @ U of M
If I'd known about @Kibin in college, I would have gotten much more sleep
- Jen Soust, alumni @ UCLA