Prices Rising Steeply in Augusta for Masters Week
Monday, April 6th, 2015
Looking at price hikes in Augusta during Masters Week provides a crash course in the economic principle of supply and demand.
“There’s only a certain number of restaurant tables that can be filled,” said Simon Medcalfe, associate professor of finance at Georgia Regents University. “There’s only a certain number of hotel rooms that can be filled. The short-term effect is an increase in prices. Over time, we may build more hotels. We may build more restaurants, but that’s going to take several years. It’s not going to be a response within a week.”
