at p* = $140 per ticket. At that price, q* = 3,000 tickets were sold. The price elasticity of supply for these tickets is Es = 3. The demand function for tickets is q = 3,700 5p.

a.) What is the supply function?

b.) Sketch the supply function and calculate the producer surplus (PS) at this equilibrium price and quantity.

c.) The new supply for tickets is q = 9,000 + 64.29p. Calculate the new equilibrium price and quantity. Show this change in your graph, and calculate the change in social surplus (relative to the initial equilibrium p* = $140, q* = 3,000) resulting from the seating restrictions. Is society better off or worse off?