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Excess demand for Take That tickets

Jim Riley

2nd November 2010

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After spending three hours on Friday frantically trying to get Take That tickets (don’t judge me!) I somehow managed to bag some. Not everyone was so lucky. Thousands of fans were left disappointed as they were unable to get tickets for the group. I think this is a great example of excess demand. As ticket prices were below the market equilibrium there was far more demand than supply. Can your pupils draw a diagram to show this? The most able may even draw a perfectly inelastic supply curve as there were only 13 dates so supply was fixed.

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Jim Riley

Jim co-founded tutor2u alongside his twin brother Geoff! Jim is a well-known Business writer and presenter as well as being one of the UK's leading educational technology entrepreneurs.

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