Question: Ple Please help! I appreciate it! In Module 3 we discussed the example of where a popular band comes to town and where the demand

Ple

Ple Please help! I appreciate it! In Module 3 we discussed

Please help! I appreciate it!

In Module 3 we discussed the example of where a popular band comes to town and where the demand and (fixed) supply of tickets is given in the graph below. Please answer the following questions we discussed in class relating to the pictured market conditions: Price Supply $140 $63 Demand 20,000 40,000 Quantity of tickets a. Assume that the band sets the ticket prices at a constant $63 so that they are not "ripping off their fans. Based on the indicated supply and demand schedule, please comment what you expect to happen for the tickets. b. Assume the fire inspector for the town restricts ticket sales to 15,000 persons to ensure fire safety. Comment based on the graph. C. Consider our discussion about a "good" (in this case a ticket) being composed as a collection of attributes. What are the relevant attributes for concert tickets, and what would you expect with regards to competition and ticket prices? d. Discuss the role of ticket brokers (or the arbitrager) when the ticket price is set at $63 in this situation. If market pricing is allowed to operate unrestricted or unregulated, will there ever be a shortage of a fixed good? (e.g., will we run out of tickets, crude oil, or landfill space?) e

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