Friday, October 28, 2016
Economics and the World Series
I am a big time Cubs fan. Many in my family have either passed and never seen them in a World Series, let alone seen them win one. Anyways, these two articles have come out recently. This one deals with the price of tickets for the games at Wrigley, and this one deals with bars charging high prices for tables. Each is a great lesson in supply and demand and elasticity. I always like to use current events to illustrate economic concepts and this is spot on. With a perfectly inelastic supply curve for Wrigley, and close to one for tables at the bars, and a very inelastic demand curve for tickets and seats at bars in the neighborhood, this is an easy lesson on market forces and prices.