Question:
The schedule below shows demand for stadium tickets for matches in the English Premier League. Tickets are sold only at the stadia gates on the match days although prices of tickets are known to the public even before the match days.
Price per ticket (£) Quantity demanded (no. of tickets)
40 3,000
46 2,800
52 2,600
58 2,400
64 2,200
70 2,000
76 1,800
Sketch the graph for the above demand schedule
Suppose incomes of football lovers increased and at price 52, 3000 tickets were purchased. Illustrate the change on the same graph and explain how you would term this in the theory of Economics
Now assume on a particular match day, there was a heavy downpour and many people could not turn up to watch the match. Indicate how this will impact demand for tickets on the graph and explain it.
Assume that the English FA has decided not to alter the sale of tickets (in other words, supply does not change). Indicate how the events of 'b' and 'c' would affect the equilibrium price of match tickets.