Price per ticket quantity of tickets demanded

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Reference no: EM132406058

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

?$50 ? 45,000

100 ?40,000

150 ?35,000

200 30,000

250 ?25,000

300 ?20,000

350 ?15,000

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

a vertical line at 20,000 seats

an upward sloping line.

The equilibrium price that will prevail in the market if scalpers are allowed to operate in the black market would be ?$ per ticket.

The quantity of tickets demanded at the? face-value price is tickets.

Reference no: EM132406058

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