SAJC_H2_ECONS_P1_(Questions)

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© SAJC 2014 9732/01/14 Prelim 2 Answer all questions Question 1 The Olympics: The London Model Extract 1: Pricing Strategy by London Organising Committee of the Olympic Games The London Organising Committee of the Olympic Games (LOCOG) has revealed the ticket pricing structure across the 26 sports of the Olympic Games. There will be a range of prices. “Spectators are a vital part of every Olympic Games, providing the atmosphere that inspires athletes to perform, with the range of tickets on offer, people of different ages and preferences will have the chance to att end London 2012.” said Hugh Robertson, Olympics Minister. Demand was greatest for the Opening Ceremony as well as the popular sports of track, swimming and artistic gymnastics. LOCOG had provided a world-class hub to hold various sport events. One of the sporting venues, the Aquatics Centre, offered two 50-meter pools and a diving pool. Given the large size and the huge turnout for swimming events at the Aquatic Centre, the cost of maintaining the facilities and security were expected to be particularly high. Pricing of the tickets also depended on allocation of tickets. Some seats were allocated to selected group of people such as the accredited press and broadcast working at the event. They were entitled to seating privileges and hence they did not need to pay. This reduced the number of seats for sale to the public. This applied to some sessions, which include the Finals. Adapted from gov.uk, 15 Oct 2010, and The ticketing arrangements for the London 2012 Olympic Games and Paralympic Games, www.london.gov.uk/, Mar 2011 Table 1: London Olympic Ticket Price to Fencing and Swimming Sport Event Venue Session Type Premium Seats Standard Seats Fencing ExCeL London Preliminary £65 £20 Final £95