Market Equilibriating Process


Market Equilibrating
Eric Ishihara
University of Phoenix
Eco 561
Professor Amarjit Singh
                                              Diamond Bar Learning Center
June 10, 2010

Market Equilibrating
      My family has been University of Southern California football season ticket holders the past fifteen years.   This is a result of many members of my immediate and extended family having attended the university.   Also, my father has been friends with the athletic director for over fifty years.   As a result my father purchased football season tickets, when his friend was first appointed the position.   At the time the USC football team was mediocre, and had lost a lot of appeal from the Los Angeles fan base.   With their appeal down, this caused a smaller demand in football tickets for home games.   As a result, my father’s friend convinced my dad to purchase season tickets for the upcoming football season.   My father complied and was given seats that usually would be offered to season ticket holders with at least twenty-five years of continually season tickets.   After several seasons the USC football program began to improve and as of today they are considered a national title contender every year.
      When we first became season ticket holders the football stadium was half full at best, with many of the fans current students and alumni.   Due to the football teams mediocrity there was not a high demand for tickets.   As their success went up, so did the demand for football tickets.   USC football tickets had seen a change in demand, a change in demand is when there is a change in one or more of the determinants of demand.   The basic determinants of demand are consumers’ tastes, the number of buyers in the market, consumers’ income, the prices of related goods, and consumer expectations (McConnell, Brue, & Flynn, 2009, p. 48).   The success of the football program caused more people wanting to buy football...