Eng pent Communty col Applications | Repkalidentity x () Assignments: ECC 150-407 x Question 1 - Forrework Exe C Homework Exercise Chapter 3 Saved Help Save & Exit Submit Check my work NEWS WIRE LOCATING EQUILIBRIUM U2's 360 Degrees Tour Named Top North American Trek of 2009 U2's massive 360 Degrees Tour wasn't just the biggest trek this year in terms of sheer size, the band's latest jaunt supporting No Line on the Horizon has also been named the year's most successful show by concert tracker Pollstar. Their research 3.33 also revealed that despite the recession, concert ticket sales for the top 50 tours points were up this year across the board compared to 2008's final numbers. That's thanks largely to U2, who easily surpassed all other acts by selling 1.3 million tickets during the first leg of their 360 Degrees Tour, gr ssing $123 million along the way. Book Source: Article by Daniel Kreps from 2009. Copyright by Rolling stone LLC 2009. All Rights Res DISCUSSION: U2 learned the difference between market shortage and surplus the hard way. Cheap tickets ($28.50) for their 1992 concerts not only filled up every concert venue but left thousands of fans clamoring for entry, The group began another tour in April 1997, with scheduled concerts in 80 cities over a period of 14 months. This time around, however, U2 was charging as much as $62 50 a ticket nearly double the 1992 price. By the time they got to the second city, they were playing in stadiums with lots of empty seats. The apparent market surplus led critics to label the 1997 PopMart tour a disaster. For their 2009, 360 Degrees Tour, U2 . offered festival seating for only $30 and sold out every performance. By this process of trial and error. U2 untimately located the equilibrium price for their concerts. (a) Assuming constant supply and demand curves, what were the different market situations for the 1992 and 1997 U concerts. 1992 U2 Tour market shortage 1997 U2 Tour market surplus (b) What is the equilibrium price developed in their 2009 Tour? Instructions: Enter your response as a whole number. $ raw Prey. 1 of 6 Next > M