How Ohio State Football Shows Supply & Demand of Capitalism

College football kicks off this week and teams fan bases are eager to open the wallets and support their teams. Love them or hate them, powerhouse Ohio State led by coach Urban Meyer is a powerful economic force when the team comes to an opponents stadium for a road game. The first people to understand this are local motel/hotel owners as they have raised hotel prices almost 200% knowing Ohio State’s big fan base will pay it.

Here’s more from IndianaEconomicDigest.com:

Adding to the anticipation of being the first game of this season, the last time the Buckeyes played the Hoosiers at Memorial Stadium in 2015, Indiana led the then-No. 1 Ohio State into the end of the third quarter before the Buckeyes pulled away, eventually winning 34 to 27. 

Back then, the head coach was Kevin Wilson. For Thursday’s matchup, Wilson will be on the OSU side after joining their coaching staff last year. And then there’s ESPN College GameDay spectacle.

All this drama for a late August game has Bloomington brimming with anticipation and excitement — and booked hotel rooms.

Nearly all of the 2,300 hotel rooms available in Bloomington have been filled a week before the game. Room availability at two of the city’s largest hotels, IU Memorial Union Biddle Hotel and Courtyard by Marriott, continues to fluctuate as kickoff nears. Some hotels have increased prices by more than 200 percent. The average price among 19 hotels in Monroe County has risen 125 percent over the cost of the same room only a week prior on a Thursday night.

Hotel prices and availability can vary based on a number of factors; the time of making the reservation, number of guests, room size, special promotions, cancellations and more. It’s an issue of supply and demand, and with a special event such as hosting the No. 2 college football team in the county for the first game of the year, the demand rises as does the price.

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s