LeBron James-Led Cavs Have NBA's Most Expensive Tickets
During the second half of the season last year, Cleveland Cavaliers' tickets were among the least expensive in the NBA, second only to the Pelicans. Now at the start of this season, Cavs' tickets are the most expensive on the market after they made some huge offseason moves. This goes to show you just how much the NBA is focused around its stars. Also, tickets for your home team will be priced a lot higher when they play teams with players like Derrick Rose or Kevin Durant. Even though the Lakers had a very bad season last year, and are expected to have another sub-par one this year, their tickets are still the second most expensive in the league. Not only is this because the Lakers have Kobe Bryant, but I also feel that it is because it's in Los Angeles and in the Staples Center and the Lakers have such a great tradition.
This article actually demonstrates a lot of what we're learning in class with supply and demand. As the demand for tickets goes up, the price also goes up because the demand curve was shifted. The determinant that causes this shift is a change in consumer tastes. If a team has one or two stars and they are exciting to watch, more people will want to come see the team play so the demand for tickets goes up. But if a team is really bad and has no one that is exciting to watch, not many people are going to want to go to the games so the demand will go down. For example, my own personal preference is that I wouldn't really want to go to a Bucks game so I wouldn't be willing to pay very much for a ticket. On the other hand, if the Cavs played the Sixers I would definitely like to see that game, so I would be willing to pay a lot more for a ticket.
It's incredible to see how much LeBron James can change the price of a ticket. I believe it's reasonable though because any game that LeBron James is playing in, the demand is going to go way up. Who wouldn't want to see arguably the most exciting athlete in the country perform? This article is a great example to portray how the equilibrium shifts when there is a change in demand.
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