Article: The Price of Football in 2013: increases stop, but the beautiful game still

massively expensive.
What happens that caused the price for football tickets to increase sky high? Based on
the article of soccer lens, there are reports about Womens Super League and Premier League
football ticket prices. The report has covering 164 clubs across 10 divisions. There are five
from England, four from Scotland and one from the Womens Super League. Since the price
of the ticket has gone up by 11% in 2012, football fans were excited to watch and witness the
match by themselves. (Mcknight, 2013) This is because these leagues are one of the
highlighted sports events in the world.
One of the good news came from the English premier leagues is that the most
inexpensive ticket are within the range of adult season ticket 344.63 in 2012 to 336.23 in
2013 where it indicates there is a fall of 2.4%. However, the most expensive adult season
ticket is drop 1.6% at the range of from 546.30 in 2012 to 537.60 in 2014. Besides that, the
cheapest adult match day ticket drop to 1.9% from 21.24 to 20.85. Nevertheless, the range
of the most expensive adult match day ticket is fall around 1%, from 34.11 to 33.81.
(Mcknight, 2013)
So that, I believe that football tickets have a fairly inelastic demand. Inelastic demand
is when the percentage change in quantity demanded is less than the percentage change in
price so the price elasticity is less than 1 in absolute value. This is because the average Joe
who is footballs fan would still watch football even if the ticket is so expensive. For instance,
smokers who are addicted to smokes, it is similar to footballs are addicted to football game.

Therefore, clubs are able to easily increase tickets price as footballs fans are less
sensitive forwards price change. Even if there is a bigger percentage in price for football
tickets, they would only be a small percentage change in quantity demanded.
The clubs are bringing in due to an improved the television deal so that it can
increases their revenue, this complement is extremely distressing for footballs fans. The
average price of the cheapest season tickets is still rising despite the additional income
coming into league but many supporters are in although the face the very difficult situation. If
the prices of related goods complement are increasing then the demand curve will shift to the
right. In the matter of consumers taste many of the football clubs are open hence this shows
that many people love football. In this case, the peoples preferences show the interactions
between supply and demand are inelastic.

The graph shows the interaction of supply and demand in the case of inelastic
relation. As you can see there is two points dotted at the demand curve. The demand curve is
steeper than the one in the elastic graph. Because of the steepness of the demand curve large
changes in price from P2 to P1 would cause the quantity demanded does not change much
from Q2 to Q1. Relating to the article we can see that the increase of ticket prices by 4.3%
would not affected the quantity demanded because of the inelasticity.
This give economics advantages to the tickets sellers. They can increase the prices of
the tickets without risking any reduce in sales due to the inelastic demand. This explains why
even when the cost of maintaining of a football teams lowered, they still can increase and
control the tickets prices. We can see that in the case of inelasticity of football tickets the
benefits goes to the tickets seller.
To conclude, the factors mentioned above causes even though the price of tickets
increases the demand for it does not change much.

Reference
Garet Mcknight, (2013), The Price of Football in 2013: increases stop, but the beautiful
game still massively expensive, http://soccerlens.com/price-football-2013-increases-stopbeautiful-game-still-massively-expensive/116731/ [ accessed : 9th June 2014]

E portfolio microeconomics
Fresh mart is an entrepreneur project that has been organized by Taylorss University
where students must join that project and also have to manage the business by their own. The
university have provided fruits and vegetable so that students have to sell it to another
students and lectures of this university. Fresh mart project is one of the important medium
where students can implement their knowledge of economics effectively. While we were
doing this project, we achieved our desired goals which we have learned in the lectures and
tutorials concept of microeconomics. The target profit for the fresh mart is RM850. To
achieve the target profit, we have to inherit the skill for the consumers and their willingness
and ability to buy our fruits and vegetables.
Economics is mostly related to business however economics is much more depth in
technical ways. The market and supply graph will predict and forecast the market. The
forecast will foreseen the nations economic problem, consumer and the producer in the short
term. Therefore doing this module, I have been able to enhance my communication skills and
interpersonal skills. Furthermore, I am able to improve the thinking and problem solving
skills in this module.
Besides, the X-space classrooms are used for our microeconomic class. The X-spaces
classroom is technological classrooms which have television and white board at every corner.
Other than that, each table in this classroom will have a cable to connect the projector and
each table also provide some plugs so that we can use it to charge the laptop or stuff.
Moreover, the class room is designed for the students to work in groups and have physical
discussion; this will enhanced the activity rather having in the normal classroom. By having
said that, I definitely think that X-space classroom has a positive vibes that makes me eager
to learn in this kind of environment.

Overall, I am so happy that I did this module for this semester and I am grateful to
have a tutor who is dedicated to teach and guide me through my studies in microeconomics. I
have been developing my skill since I started to learn this module, hopefully that I will keep
on improving my economical analytical skills to use in the future activities.