Supply and Demand Analysis in Sport, Leisure, and Healthcare Markets

The lecture covers the application of supply and demand principles in sports and healthcare markets. It explains the concept of equilibrium, shifts in supply and demand, and the impact of time frames. The sports section focuses on football stadiums and ticket pricing, while the healthcare section discusses the NHS, private healthcare, and insurance issues. The lecture concludes with a summary and a preview of the next unit.

What is the learning objective of the lecture?

Explain the concept of initial equilibrium in supply and demand analysis.

What are the two types of time frames defined by economists?

Describe the difference between short run and long run supply in the context of sports stadiums.

How does excess demand occur in the context of ticket pricing for a football match?

What role do secondary markets play in the distribution of football tickets?

Discuss the challenges faced by less popular football teams in filling their stadiums.

What is the significance of the National Health Service (NHS) in the UK healthcare system?

How does the demand for healthcare change as prices decrease?

What are the implications of asymmetric information in the healthcare insurance market?