| Popis: |
Five important distinguishing features are identified that extend the usual analysis of consumer demand to the case of the demand for cultural goods, with a particular focus on unique factors determining the price and income elasticities of demand; the role of education; learning-by-consuming; the challenge of assessing product quality; and the complex role of social factors. Based on successful experience using a concert pricing example that does not shy away from some limited technical aspects of the analysis, a hypothetical case study is fully described and analysed as a vehicle for clarifying key distinctions such as demand vs quantity demanded; point vs arc price elasticity of demand; and the role of marginal cost in distinguishing gross revenue vs net revenue maximization. Specific hints for effective teaching, as well as suggested questions for students are provided. |
