Finding the Equilibrium Price

The BCS National Championship Game will be played in Glendale at the University of Phoenix Stadium on Monday, January 10th. A fixed supply is now meeting an increasing demand resulting in a "soaring" price.

Tickets for Monday's showdown between Auburn and Oregon at University of Phoenix Stadium in Glendale carry a face value of $300 and $325, but fans would be lucky to pay that for any seat.

Advertised prices early this week were in the $4,000 to $5,000 range for premium seats, with some running much higher. StubHub listed two first-row club seats for $15,000 each - a pair equal to a 20 percent down payment on a $150,000 home.

Just like I keep telling my students, if the primary market doesn't find the equilibrium price, the secondary market will.