When excess demand exists for tickets to a major sporting event or a concert, profit opportunities exist for scalp-ers. Explain briefly using supply and demand curves to illustrate. Some argue that scalpers work to the advantage of everyone and are “efficient.” Do you agree or disagree? Explain briefly

When excess demand exists for tickets to a major sporting event or a concert, profit opportunities exist for scalp-ers. Explain briefly using supply and demand curves to illustrate. Some argue that scalpers work to the advantage of everyone and are “efficient.” Do you agree or disagree? Explain briefly

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter3: Supply And Demand: Theory

Section: Chapter Questions

Problem 17QP

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When excess demand exists for tickets to a major sporting event or a concert, profit opportunities exist for scalpers. The table below indicates the quantities demanded at various prices, fill in the values for the supply curve for tickets to a sold-out venue that holds 20,000 people Price per Ticket Quantity of Tickets Demanded Quantity of Tickets Supplied 350 45,000 20000 100 40,000 20000 150 35,000 20000 200 30,000 20000 250 25,000 20000 300 20,000 20000 350 15, D00 20000 The fact that there is a face-value price of $50 per ticket could be illustrated on a graph as a horizontal line at $50 The equilibrium price that will prevail in the market if scalpers are allowed to operate in the black market would be 5 300 per ticket. The quantity of tickets demanded at the face-value price is 45,000 tickets. For this example, a shortage of tickets exists at the face-value price.
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