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 £30 Swimming Olympic Park Aquatic Centre Preliminary £150 £40 Final £450 £95 Source: Ticketmaster.com Extract 2: Hotels matching up with the golden sporting legacy Over the seven week period, international visitors are expected to spend a total of £709 million in the UK, an 18% increase on what would be expected if the Olympics Games were not taking place. Overall, the retail, hotel and travel industry look set to be the biggest winners from the Games, benefiting from a combined spending injection of £508.4 million in seven weeks. Hotels, with a direct reliance on tourists, arguably have more to gain, or lose, from any Olympic effect. Hoteliers have taken the view that if they have a good business case for building, operating or refurbishing in London, they may as well invest and showcase that new investment to the

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© SAJC 2014 9732/01/14 Prelim 4 Extract 4: London Strives for Zero Waste Olympics 2012 Approximately 80% of Games-time waste was expected to be food packaging. Some of these food packaging waste were made up of non-biodegradable products such as plastics, which would be buried in landfills or incinerated. Such waste disposal methods would 1 harm marine life due to the plastic residual in the landfill 2 create hazardous emissions from plastic incineration As such, the aspiration of LOCOG is to stage a zero waste Games – to eliminate waste through the design of products and the way waste is handled. Targets have been established that no waste produced during the Games will be sent to landfill and that 70% of Games time waste will be reused, recycled or composted. Adapted from: The Environmental Sustainability of the London 2012 Olympic and Paralympic Games, https://www.london.gov.uk, 1 June 2008 Extract 5: Sustainable waste management to maximise recycling LOCOG would work with all catering suppliers, including international sponsors Coca-Cola and McDonald’s, to have a look at the types of alternative materials used for packaging in order to maximise the potential for recycling and composting. Encouraged by the Olympics, Coca-Cola made a business decision to invest in removing materials which do not comply with the LOCOG’s packaging guidelines, in order to improve recyclability of the packaging and make it 100% recyclable. This