Answer to Question #68110 in Macroeconomics for Ahmed
In almost all cases, there is evidence of “a positive secondary price mark-up over face.” For example, “many $600 tickets sold for $2,000.” Explain what this means and why it is evidence of considerable consumer surplus at the set ticket prices
Usually sport teams are more concerned about maximizing 'revenue per seat' as opposed to just gate revenues. Further evidence that teams leave gate revenue on the table (or in economic parlance, create consumer surplus for fans) from charging lower face prices than they otherwise could command can be found by looking at secondary ticket pricing. Especially in the NFL which has the greatest scarcity of inventory among all the sports, almost every team averages a positive secondary price mark-up over face. Reference: https://www.forbes.com/sites/prishe/2013/09/19/super-bowl-xlviii-pricing-a-lesson-in-demand-elasticity/#1a4341ad796f
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