Just in Hurry

Topics: Economics, Opportunity cost, Elasticity Pages: 6 (949 words) Published: April 5, 2013
This set of exercise is used as a reference of assignment 1.

Key Reference:
Lee, C. (2011, Jun 21). Fun parks go for same theme – price hikes. Retrieved Jul. 14, 2011 from http://www.thestandard.com.hk/news_detail.asp?pp_cat=30&art_id=112306&sid =32787075&con_type=1&d_str=20110621#

Fun parks go for same theme - price hikes
Colleen Lee
Tuesday, June 21, 2011
Visitors to Hong Kong's two theme parks face ticket price hikes of about 10 percent after the summer holidays.
The increases have been approved by the boards of Ocean Park and Hong Kong Disneyland almost simultaneously.
Ocean Park said ticket prices will rise from September 1 but will come with sweeteners. Disneyland said it has no plan to announce fee increases for now but a source said a price hike is coming in two months.

Ocean Park chairman Allan Zeman last week said the park would not raise ticket prices for now - but he changed his tone yesterday. "We don't want to raise the price, but if we open new attractions and take loans from the bank, we have to pay back the loans," he said.

"If we don't raise the price and we lose money, the government will have to put in more money. The taxpayers will have to pay for it."
The park will raise ticket prices by 12 percent, from HK$250 to HK$280 for adults, and from HK$125 to HK$140 for children aged three to 11 . Annual passes will rise by between 11.3 and 13 percent. At HK$305, the SmartFun Silver Pass for c hildren which sells for HK$270 now - will see the highest percentage increase. The park last raised admission fees in 2009. It borrowed HK$5.55 billion of loans for redevelopment.

Since 2006, Hong Kong residents have been able to visit Ocean Park for fr ee on their birthdays. From September 1 to August 31 next year, one friend will enjoy half price. Other special offers launched include night tickets for locals from 6pm to 10pm on Friday, Saturday and Sunday throughout July, August and the first two weekends of September at HK$150 for adults and HK$75 for children.

Meanwhile, a source said Disneyland's one-day adult tickets will cost 8.6 to 12.9 percent more - from HK$350 to around HK$380 to HK$395 - in two months, partly due to its expansion project.

Tutorial Question Set 1 (1112, Sem 2)

P.1 / 3

The Lantau park last increased prices of annual passes - by up to 40 percent - in March.
Lawmaker Ronny Tong Ka-wah said: "I hope the park will offer concessions to locals." Ocean Park saw its surplus drop 17 percent to HK$82 million despite increases in both attendance and revenue for the fiscal year ending last June. Disneyland's net loss fell 45 percent year-on-year to HK$718 million for the 12 months to October 2.

Extract of student’s report
(Approximately 15% of
your essay)

… … Ocean Park is planning to increase the ticket price by

 Some background
information of the selected
current economic

increase from HK$250 to HK$280 and the one for

12 percent in September. The ticket price for adults will
children aged 3 to 11 will increase from HK$125 to

(provide some brief background information)

 Why do you select this?
 Which economic concept(s)
and principle(s) will you
select to

Since Ocean Park is one of the main attractions of Hong
Kong, the increase in ticket price affect both the tourists
and local people.

of news)

(briefly explain why you select this piece

Therefore I choose this piece of news to

analyze … …

(what questions/observations you want to

explain by applying the selected economic concepts.)
For the information you quote
to support your writing or

Underline the original
statements in the
Insert the footnote in your
report and provide the
details for locating the
supporting information



from appendix 1, P.1

… … (state and briefly explain the principle...
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