Street Scalpers
Ticket scalping has shown much benefits to both consumers and sellers, and where demand meets supply. For the ultimate consumers, scalpers offer an alternative to purchasing the much sought after tickets without waiting in line. However, at a higher monetary value! Demand for these "easy" tickets has been great that keeps ticket scalping going on for years.
There are different value people put in the things they do over the others. What is the value an individual put to wait in line or to pay a higher price differs these people into two groups. From the economic perspective, people who waits in line expects their marginal benefits from the ticket to match or exceed their marginal cost. While others choose to purchase from street scalpers has place their time as their marginal benefits over the marginal cost of higher price.
Ticket scalping will thrive as long as there is demand for the service and people are willing to pay a higher price. As the two group of people identify their marginal benefits opposite of one another, the price for the same event changes as well. The time-cost to wait in line seems higher to the buyers from the scalpers and therefor, it is fair that they pay a higher price for the ticket without having to spent unproductive hours.
To enforce restrictions on reselling tickets, the price of the tickets will become less affordable as there will be less audience to make the event more successful and profitable. It will also cost the scalpers to charge their customers an even higher price.
The best solution to stop ticket scalping is to have enough tickets for everyone who wants it.
During the 2016-2017, the Mavericks examined the ‘inverse analytics’ data and their staff realized they would be a losing team for some time. In order to keep fans interested in attending their games, they lowered their average ticket price to $65 per game, which was the seventh cheapest out of any NBA team at the time (Hoopfer, 2017). The Mavericks ticketing office also creates irresistible deals for their fans. For instance, during one game in February 2016, the Mavericks were selling tickets for $5 if fans came 30 minutes before tipoff or earlier (Hoopfer,
We all have to do it. It might be for coffee, for a ride at the amusement park, or for the Deadpool movie (longest line ever). Standing in line is, quite frankly, one of the most boring activities that one could have the misfortune of having to partake in. It takes too long, and sometimes the promised reward ends up a disappointment, or worse, unavailable. But what keeps people sane when they are forced to queue (sometimes for hours on end) is the knowledge that everyone else must wait too. Unless, of course, there was a way to circumvent that process. It’s almost universally agreed upon that cutting in line is unethical, but what about paying someone to stand in for you, or even paying to skip the queue?
This is just one example of the manipulative business manner in which Ticketmaster operates. Ticketmaster...
Salk’s research led him to create a vaccine different from any other by using 3 different kind of killed polio virus. In an article it says,”Using formaldehyde, Salk killed the poliovirus, but kept it intact enough to trigger the necessary immune response”(Salk’s institute 1). Salk 's decision to create a vaccine out of inactivated virus was not the strongest protector, but was made strong enough to cure and lower the risk of infection within patients. It was one of the first times someone attempted to take a completely opposite approach than what scientist thought was best. As he said in an interview, “ ‘The principle I was trying to establish was that it was not necessary to run the risk of infection, which would have been the case if one were to try to develop an attenuated or weekend polio virus vaccine’ ”( Salk 2). By taking the risk of creating a vaccine that contradicted what a normal vaccine, was it helped give the United States another weapon to fight back polio without exposing americans to the risk of contracting the disease. His different approach to find a remedy may have been looked down on, but it provided the first protection ever for polio which created hope and has contributed to less fatalities today. Scientists in the medical world began to criticize Salk’s vaccine and gave preference to a polio vaccine that was later created by Sabin out of a live polio virus. Medical professionals saw Salk’s vaccine as useless and thought Sabin’ s vaccine was the best alternative. "the oral polio vaccine also came under attack in the united states for causing eight in ten cases of polio every year”( poliomyelitis 4). Sabin’s vaccine may have been stronger but at least Salk’s never provided a risk of the patients being injected run a risk of being infected again. Salk’s vaccine has provided less risk of a patient to relapse into polio again.
We the consumer would rather pay less for any product that is needed or want. Ultimately we are the reason for high prices as well as low prices. Prices of products do not always stay the same and more popular products have higher prices than less popular products. These fluctuations, high prices and low prices are from the idea of supply and demand. Supply and demand defines the effect that the availability of a particular product and the desire or demand for that product has on price. Generally, if there is a low supply and a high demand, the price will be high (Investopedia). To understand the idea of supply and demand, the understanding of supply and the understanding of demand must be defined. The Law of Supply states that at higher prices, producers are willing to offer more products for sale than at lower prices, also that the supply increases as prices increase and decreases as prices decrease (Curriculum Link). The Law of Demand states people will buy more of a product at a lower price than at a higher price, if nothing changes, at a lower price, more people can afford to buy more goods and more of an item more frequently, than they can at a higher price and that at lower prices, people tend to buy some goods as a substitute for others more expensive (Curriculum Link). In todays economics these ideas are seen frequently in everyday life. The laws of supply and demand are seen in many ways in the company Apple Inc. Each year Apple Inc unveils a long awaited mobile operating system and IPhone. We can also see many aspects of the law of supply and demand in Nike Inc’s Jordan Brand. Jordan Brand has released a number of...
Fifty-nine years after the vaccine was introduced to the world, the number of cases of outbreaks has dropped 99% and only three countries still remain in an epidemic state with the virus, Nigeria, Pakistan and Afghanistan. In 1994, the WHO Region of the Americas was certified polio-free and in in 2013 only406 reported cases were existent in the world, compared to the 350 000+ cases in 1988. (Who, 2014).
... be sold for a very low price for a limited time period. If one is lucky, he/she could make further savings for air tickets.
The Toronto Blue Jays baseball team was founded in the 1970s and experienced support from the fans during the 1970s and 1980s. In 1992 and 1993, the Jays won back-to-back World Series, yet in 1994, the team faced setbacks. The team had a losing streak, there was a major league baseball strike, and no World Series was played. At the same time, gambling came to Toronto, and the team had to compete for the fan's time. Also, players' salaries skyrocketed at a time when the Canadian dollar fell in value. How could the Toronto Blue Jays adjust ticket prices to improve financial performance and increase fan attendance?
Child soldier is a worldwide issue, but it became most critical in the Africa. Child soldiers are any children under the age of 18 who are recruited by some rebel groups and used as fighters, cooks, messengers, human shields and suicide bombers, some of them even under the aged 10 when they are forced to serve. Physically vulnerable and easily intimidated, children typically make obedient soldiers. Most of them are abducted or recruited by force, and often compelled to follow orders under threat of death. As society breaks down during conflict, leaving children no access to school, driving them from their homes, or separating them from family members, many children feel that rebel groups become their best chance for survival. Others seek escape from poverty or join military forces to avenge family members who have been killed by the war. Sometimes they even forced to commit atrocities against their own family (britjob p 4 ). The horrible and tragic fate of many unfortunate children is set on path of war murders and suffering, more nations should help to prevent these tragedies and to help stop the suffering of these poor, unfortunate an innocent children.
After a company decides on its product(s), it has to think how it will price said product(s). Disney goes about pricing for all of its products in different ways. For instance, Disney’s amusement park tickets are cheaper during times of the year that it is the least busy and the tickets prices rise during sessions that the parks are busiest ("Your Ticket"). However, Disney’s biggest competitor, Universal Studios, goes about things in a very different way. Universal Studios tickets cost the same no matter
their tickets so that the one who had the most should receive the prize. To the
The non-electric telegraph was invented in 1794 by Claude Chappe, this was visual and a flag-based alphabet; this depended on a line of sight for communication. In 1835 Samuel Morse proved that signals could be transmitted by wire. He used pulses of current to reflect an electromagnet, which moved a marker to produce written codes on a strip of paper; this was the invention of the “Morse code”. By 1844 this code was known as the “International Morse”. The first telegraph was sent on May 24, 1844. Samuel sends a message “What hath God wrought” from Supreme Court Chamber in the Capitol in Washington, D.C., to the B & O Railroad Depot in Baltimore, Maryland (About.com,1997). By the following years telegraphs were used nation wide. They were used from to contacting a love one in the other side of the world to making business with someone on your neighboring city. The signals could go trough land and sea; at the time it was the latest technology there could be and everyone was fascinated by it. This machine was used during World War I and it helped both sides for quicker information. Telegraph played a huge role during the 1800‘s and 1900’s, but as time passed by and technology improved this machine was substituted by the telephone. The telephone was invented on March 10, 1876 by Alexander Graham Bell. Speaking through the instrument to his assistant, Thomas A. Watson, in the next room, Bell utters these famous words: “Mr. Watson – come here – I want to see you” (About.com, 2008). Telephones have been one of the best inventions man has made, and we still use them today.
The textbook, Operations and Supply Chain Management, define queueing as “a line of waiting persons, jobs, things, or the like.” What exactly does that mean and how can it be avoided? Richard C. Larson describes the psychology as well as the social justice behind queueing in his research entitled, Perspectives on Queues: Social Justice an The Psychology of Queueing. Larson and his students created a theory called “slips and skips.” A slip is defined as what happens to the person being victimized by the queueing, and being slipped by from the individual in line behind them. A skip is just the opposite. It can be defined from the perspective of the person actually skipping over the person in line before them that is being slipped. For every slip, there is also a skip.
Economics is an extremely important aspect of the today’s society, especially, since it aids in the allocation of limited resources. Supply and demand are aspects and fundamental concepts of economics, which is considered the foundation of a market economy. In fact, the association between demand and supply underlie the forces responsible for the allocation of resources. Therefore, given the importance of supply and demand and its impact on the market economy, one will elaborate on the law of supply and demand. In addition, one will discuss how these fundamental concepts of economics apply and impact the prices of Airline tickets.
A ticket to any destination of your choice, is probably one of the best things ever. My ticket would be straight to a land I dream of being persist in. This fallacious place I have created, is my future. Although it is fictitious at the moment, I am determined to make this fantasy of mine come true.