Newly it was discovered that the price of NBA tickets had decreased. Explain at least 4...

Newly it was discovered that the price of NBA tickets had decreased. Explain at least 4 reasons that could be accountable for this decrease in NBA ticket price.. Include graphs

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Expert Solution

The four reasons why the prices can decrease are

1) if there is a decrease in the income of the people what happens is that they would demand less of the tickets as a result of which the demand curve shift to the left and the equilibrium price decreases as shown in the first figure

2) if people are shifting towards watching another game such as tennis then what happens is that the demand for and NBA decreases as a result of which the demand curve shift to the left and this decreases the price as shown in second figure

3) If more games happened per season which means supply increased supply curve shift to the the right as a result of which equilibrium price decreases as shown in the third figure

4) Due to a pandemic many people are not willing to come outside and watch the match as a result of which the demand decreases and the shift the demand curve to the left and the equilibrium price decreases as shown in the fourth figure.

Rahul Sunny answered 1 year ago

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