3.3 Suppose that the inverse market demand for an upcoming Bruce Springsteen concert at Philadelphia’s 20,000-seat Wachovia Center is p = 1,000 - 0.04Q. Mr. Springsteen is concerned about the well-being of his fans. He considers whether to auction the tickets to the concert. The auction works as follows: An auctioneer orders the bids from highest to lowest, and the price of each ticket equals the 20,000th highest bid. The tickets go to the highest bidders. In the auction, assume that each person bids his or her willingness to pay.

a. What is the price of the tickets? What is the market consumer surplus?