Supply and Demand Paper

Topics: Supply and demand, Inverse demand function, University of Michigan Pages: 3 (1040 words) Published: April 1, 2013
Supply and Demand Paper
The article which I chose in this assignment comes from “The Michigan Daily”, which is a newspaper native to the state of Michigan and its residents. The main subject of the article is the recent increase in season ticket prices for the University of Michigan football games. This price increase will mostly impact the students of the University of Michigan who are normal in attendance, but will also impact the loyal non-student fans as well. Michigan is a nationally renowned college football powerhouse who is famous for its enormous stadium and its extremely loyal fans. There is evidence of this ticket price increase. By looking at the numbers below you can see the definite price changes. By the beginning of the 2011 college football season, students will have to pay a price of 240$ plus processing fees for Michigan football season tickets. This price increase displays a 21% increase from the 2010 season ticket cost. All non-students will have to pay 480$ for a total of eight home games. This shows that all students have a 50% discount on the tickets when compared to non-students. The spokesman for the University of Michigan Athletic Department estimates that the University will still sell the same amount of tickets as they did in 2010, and most likely still sell out every home game. During the economic crisis in 2009, the University of Michigan lowered their ticket prices in order to be able to still sell out at home with the lack of leisure money that students and non-students had available. Now that the economy has healed Michigan is trying to make up for lost time. There are many reasons for this ticket increase that the University of Michigan has disclosed. One of the main reasons is the market value for college football tickets across the country at competitive schools. The Athletic Department had noticed that the University’s ticket prices had fallen below other schools in the Big 10 conference. The University of...

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