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Price and Demand in the UK Tennis Tournament - Essay Example

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This essay “Price and Demand in the UK Tennis Tournament” tries to explore into the situation and try to determine the consequences of fixed price from an economic point of view both in the long-term and short run period. The essay also tries to examine the likely government intervention…
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Price and Demand in the UK Tennis Tournament
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Price and Demand in the UK Tennis Tournament

Download file to see previous pages... The intervention of this situation has both negative and positive consequences. For instance, the set price from the government’s perspective is a positive factor that can enable it to control and regulate the average prices in order to achieve a given level of market output. Moreover, this will enable consumers to afford the prices because of their relative low nature (Taylor, 2008). However, this intervention will help create a black market for illegal transactions resulting from the technique of first comes, first to be served because scrupulous individuals will access the tickets in advance with the aim of selling them later in the black markets at high prices for profit. For instance, according xxx the price of a ticket in the black market is around $379.12, which is higher by about $273.76 of their actual price in the market. Therefore from the society’s point of view, this is a negative consequence which increasing the standard of living (Banerjee & Duflo, 2011). In addition, this intervention and development of the black market will have negative repercussions on the general economy. Firstly, it will result to underestimation of the gross domestic product (GDP) and national income of the UK. Therefore, because of this the government cannot be able to determine the real status of the economy in order to establish correct policies aimed at improving the standards of living for its citizens. Secondly, the rise of the black market can create employment opportunities for the local people. ...Download file to see next pagesRead More
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