2. There are 72,922 seats in Lambeau field where the green bay packers play foot

Question

2. There are 72,922 seats in Lambeau field where the green bay packers play football. The Packers have sold out their season tickets since 1960. There are about 80,000 people on the waiting list to buy season tickets in 2010.

If the packers raised season ticket prices, what would happen to the quantity supplied and the quantity demanded for season tickets? (both must be correct for credit).

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Explanation / Answer

Quantity supplied is the quantity of a commodity that producers are willing to sell at a particular price at a particular point of time. Description: Different quantities can be supplied at different prices at a particular point of time; whereas Quantity demanded is a term used in economics to describe the total amount of goods or servicesdemanded at any given point in time. It depends on the price of a good or service in the marketplace, regardless of whether that market is in equilibrium.

now in the above case we have Lambeau field where the green bay packers play football and there are 72922 seats which are sold out since 1960. And  about 80,000 people on the waiting list to buy season tickets in 2010. So this is very clearly understood that the demand of the ticket is very high.

If  the packers raised season ticket prices, according to law of demand the increase in price of tickets will definetly push the quantity demand, downwards but though the waiting list of people to buy season tickets in 2010 is 80000 and only 72922 seats are available hence the quantity supplied will be optimum, therefore it is going to be a housefull.

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