Answer to Question #125177 in Economics for Muhammad Hafizam

Question #125177
Billy is a star player for the Los Angeles Lakers basketball team. He is close to breaking the major league record during one season, and it is widely anticipated that in the next game he will break that record. As a result, tickets for the team’s next game have been a hot commodity. But today it is announced that, due to a knee injury, he will not in fact play in the team’s next game. Assume that season ticket-holders are able to resell their tickets if they wish.

c) What accounts for whether case (a) or case (b) occurs?
d) Suppose that a scalper (a person who resells tickets at a large or quick profit) had secretly learned before the announcement that Billy would not play in the next game. What actions do you think he would take?
1
Expert's answer
2020-07-06T17:34:31-0400

c) I think case (a) will occur, because fans of both teams will come anyway and only those who want to see Billy will not go.

d) They will sell all the tickets while they are expensive.


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