Final answer:
A pricing expert understands market dynamics and uses tools and strategies to negotiate cheap tickets, considering aspects like price elasticity and inelastic demand for products with strong fanbases.
Step-by-step explanation:
When it comes to obtaining cheap tickets, a pricing expert understands that this involves knowing the market dynamics and leveraging tools designed to offer discounts. To find affordable tickets, one may need to look into lotteries, TKTS booths, the Theatre Development Fund (TDF), and other discount options, which require some research. It is implied that tickets are costly not only for consumers but also for insiders such as producers, indicating that ticket prices are a common challenge.
The discussion also dips into the concept of price elasticity, highlighting how pricing can signal market shortages or high demand during peak seasons, like holidays. Savvy consumers might shift their purchase patterns (like choosing a different week to travel) based on ticket prices, which are affected by various factors, including input costs like jet fuel. Moreover, there's a mention of how certain bands with strong fan bases may have more inelastic demand, allowing them to set higher ticket prices. By understanding these economic principles, a pricing expert can strategize better and advise on the best times to buy, or how to access discounted tickets.