Willingness to Pay and Sell

Willingness to Pay and Sell

Willingness can be seen as the inherent desire for consumers or producers to either buy or sell products offered in the market. The willingness to pay for an online ticket by a customer will be influenced by the publicity the event has received, the likelihood the ticket price will not change, the offered discount, and the possibility of getting a vantage point while viewing the event. If the customer thinks the price of the online tickets will go down as the events day approach, they will be less likely to pay (Mankiw, 2021). Likewise, if better discounts are offered for first customers, they will be more willing to pay earlier. If the government imposes taxes on online tickets, the consumer surplus will fall due to higher prices that are transferred to buyers by the ticket vendors. Thus, few people will be willing to buy the ticket occasioning reduced by demand.

Producer surplus will occur if taxes are imposed on online tickets for sporting events. The ticket vendors will have to bear the new taxes that will reduce their profits since the market price will fall. The vendors will reduce the number of tickets offered in the market since few customers will be willing to buy at the new price (Petryni, 2021). Consumer surplus and producer surplus will result in loss to the society that will be the opportunity cost of tax charged hence a deadweight loss in the curve of demand and supply at equilibrium. The willingness to sell the online tickets by the ticket vendor will increase as the event approaches and the set target has not been achieved. Thus, the seller will offer higher discounts for group tickets, sell at a higher price for those looking for a vantage point to watch the event, and reduce the price for the remaining tickets as the events progress. The reduced price will increase demand as well as group tickets while premium tickets will attract people to esteemed Dias.

Reference

Mankiw NG, (2021). Principles of Economics (9th Edition), Cengage Mind Tap. Retrieved from: https://ng.cengage.com/static/nb/ui/evo/index.html?snapshotId=2412533&id=1187428948&deploymentId=5981412353502464190243042516&eISBN=9780357133576

Petryni, M., (2021).Relationship Between Level of Prices and Demand

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