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Illustrate the relevant surplus or shortage

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Reference no: EM13222402

In this year's SuperBowl, the Green Bay Packers will face the Pittsburgh Steelers in Arlington Texas. Tickets are available on web sites such as StubHub starting at approximately $1,000 per ticket, with prices rising significantly based on seat location in the stadium. As with many high-profile sporting events, in addition to legal brokerage web sites, there will likely be scalpers who will try to sell tickets to fans on the day of the event, and at prices likely to be significantly higher than those posted online today. Using a supply-and-demand graph, sketch the supply of SuperBowl tickets and demand for tickets (to simplify the graph, you may assume that seats are of similar quality). Explain why the market for SuperBowl tickets is not able to reach "equilibrium". On your graph, illustrate the relevant surplus or shortage.

Reference no: EM13222402

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