The paper "Economic Issues for Organizers and Buyers of the Tickets" is a perfect example of a case study on macro and microeconomics. Glastonbury festival is one of the greatest events that take place annually. The growth in popularity prompted the organizers to adopt a new method of selling tickets without having to involve touts. The tickets were availed on a competitive basis that triggered the increased demand for the commodity. The author of the paper states that the competitive nature of provision was such that the tickets were perhaps few and did not accommodate resale power by the buyers.
This made the consumers/buyers prioritize buying the tickets and forego some other opportunities that could arise in the future in fear of lack of tickets. The attendants of the Glastonbury festival had foregone the following: The buyers foregone the possibility of any other better event that could coincide with the Glastonbury festival. The prohibition of ticket resale made the buyers make the final decision on the acquisition of the tickets. The fact that the festival was nonrefundable once on acquisition and resignation of attending the festival made the buyers forego any leisure that could use the ticket money. The theory of demand and supply in the market assumes that the market is perfectly competitive in that there are many buyers and sellers in the market but none of them is able to influence the price instead the price is determined by forces of demand and supply.
Under normal circumstances, this may fail because the suppliers determine the price of their commodities. In the sale of the tickets, the price of the commodity was not at the market-clearing level.
The price of the tickets depicted to be very low as manifested by the increased demand in the market after the exhaustion of the product. The demand for the product was much high than the supplier could supply. But perhaps the price of tickets had little relative influence in the number of tickets the buyers could.
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Thompson, Miranda. (2014). Buying a festival ticket? Don't get scammed! Company.
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