4. (10) Norah Jones' (the musical artist who created the songs "Come Away With Me" and "Don't Know Why") last national concert tour sold an average of 2/3 of the tickets available, meaning 1/3 of seats were left empty at a typical concert.

a. (4) Suppose the local promoter of each concert is a monopolist with a fixed number of seats in each concert hall. Also suppose the promoter's cost is independent of the number of people who attend the concert (Norah Jones received a flat payment independent of the number of tickets sold). If the concert charges a single market price, what factors are considered in determining the profit maximizing price? Would the failure to sell out the concert suggest that the monopoly set too high a price?

b. (3) How (if at all) does the amount of Norah Jones' flat payment influence the profit maximizing price? Explain.

c. (3) How would your answers to part a. change if the concert hall perfectly* price discriminates? *Meaning they can charge different prices to consumers based on their willingness to pay.In reality nothing is actually perfect, not even a Norah Jones concert.