In Rolling Stone magazine, several fans and rock stars, including Pearl Jam, wer

Question

In Rolling Stone magazine, several fans and rock stars, including Pearl Jam, were bemoaning the high price of concert tickets. One superstar argued, "It just isnt worth $75 to see me play. No one should have to pay that much to go to a concert." Assume this star sold out arenas around the country at an average ticket price of $75.

question:

Suppose the group announced their next tour was going to be their last. What effect would this likely have on the demand for and price of tickets? Illustrate with a supply and demand diagram.

Explanation / Answer

Demand for tickets would increase so price of tickets would decrease.

Make your typical supply demand graph. Since this is a price determinant simply draw a demand curve and show a price decrease. label ur y axis as price and x axis as quantity.

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