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MCD2020 Microeconomics

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Question:

a) Identify two (2) microeconomic ideas you can find in the chosen article. Highlight sections of the text with those microeconomic ideas, and relate / match those two economic ideas, one at a time, to the learning objective given in the appendix. (2 marks for each concept
b) Explain and further discuss the selected economic ideas. In your explanation, you need to show understanding of the economic ideas as they are used in the article, by drawing connections between the concepts and the article content. Support your discussions with relevant diagram(s).
 
Harry Potter and the Curse of Market Forces: A muggle's game The Economist (Online); London (Aug 17, 2016).Rather than allowing touts to profit, the play's producers could follow the producers of "Hamilton", a wildly successful Broadway musical, and up prices for the premium seats until demand falls in line with supply (even at up to $849 per ticket, some argue that "Hamilton" is too cheap).

A British stage show's spellbinding success proves ticket reselling is tough to manage TICKETS to "Harry Potter and the Cursed Child", the latest, on?stage instalment in the magically lucrative series, have proved harder to grasp than the golden snitch. After 250,000 tickets released on August 4th sold out within hours, fans' disappointment turned to
outrage as stubs with a face value of Pounds 15?70 ($20?90) started popping up on resale websites for more than Pounds 8,000. In line with the howls of outrage, the play's producers called the secondary ticket market an "industry?wide plague" and asserted their contractual right to refuse entry to people turning up with a resold ticket. This was the most they could do. Unauthorised reselling (known to its foes as scalping) was criminalised in Britain in the case of football in 1994, and in the London Olympics of 2012, but is legal for plays and concerts.

Flint?hearted economists might note that a secondary market suggests that the seats were under?priced. Cheaper tickets meant to boost equal access lure in touts, for whom low prices mean bigger premiums. And more scalpers means more disappointed fans in the queue.Rather than allowing touts to profit, the play's producers could follow the producers of "Hamilton", a wildly successful Broadway musical, and up prices for the premium seats until 
demand falls in line with supply (even at up to $849 per ticket, some argue that "Hamilton" is too cheap). But the Potter producers seem to be more worried about impecunious wizarding fans losing out than about the prospect of touts swiping surplus.

Stamping out the secondary market entirely means preventing people selling their tickets to those who value them more. This inefficiency is wince?inducing for economists, and difficult to enforce. In May a report on the online secondary ticket market commissioned by the government pointed out that banning the secondary market would simply shift activity underground.Restricting the secondary market is possible, but only with great effort. The government's review reported that the Glastonbury model, where festival?goers must show proof of identification alongside their ticket, work, but only because the organisers try so hard to control everything, from ticketing to the venue.

Checking at performances of "Harry Potter and the Cursed Child" seems less rigorous. The producers have identified only around 60 bookings yielding tickets that that made their way on to the secondary market since the play opened in June, an average of around one a day. In any case, resale websites guarantee that rejected tickets will be reimbursed. Awkwardly for producers, ticket markets are more like unruly bludgers than pliable quaffles.
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