At Fenway Park, home of the Boston Red Sox, seating is limited to about 38,000. Hence, the
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At Fenway Park, home of the Boston Red Sox, seating is limited to about 38,000. Hence, the number of tickets issued is fixed at that figure. Seeing a golden opportunity to raise revenue, the City of Boston levies a per ticket tax of $5 to be paid by the ticket buyer. Boston sports fans, a famously civic-minded lot, dutifully send in the $5 per ticket. Draw a well-labeled graph showing the impact of the tax. On whom does the tax burden fall-the team's owners, the fans, or both? Why?
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Since the supply of seats is perfectly inelastic the ...View the full answer
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