Part I: Once upon a time, long, long ago, people camped outside ticket offices and waited in long lines to buy tickets to see their favorite rock stars, but no more-the Internet has changed all that. Ticketmaster.com is known as the legitimate site for purchasing tickets, but scalping Web sites have also popped up. Scalpers are well versed in logging on the minute tickets go on sale on Ticketmaster.com or another legitimate site and purchasing tickets at face value for resale at higher prices. A survey of U2 concertgoers in New York revealed that about 29 percent of concertgoers confessed to purchasing their tickets from unauthorized sites. In 2005, the highest price on eBay for two Madison Square Garden U2 tickets was $ 4,250. Part II: StubHub recently listed Coldplay tickets for up to $ 2,942 each; TicketsNow listed two front row Rolling Stones tickets for $ 7,410. These markups are huge: face-value tickets for the Rolling Stones concert, for example, sell from $ 60 to $ 450. In an effort to combat scalping, many singers and groups issue tickets directly to their fan club members. However, managers of fan sites struggle to prevent scalpers from becoming fan club members. One Coldplay fan site was able to stop three scalping companies from buying presale tickets on the Coldplay fan site. Part III: Purchasing tickets online through unauthorized agents can pose risks. In some states scalping is illegal, and in others there is a legal limit to how much a scalper can mark up the ticket price. However, these laws often go unenforced, and most were written prior to the Internet and do not cover out-of-state purchases made online. Buyers run the far more real risk of purchasing counterfeit tickets. Ticketmaster will, for a fee, send buyers their tickets via email, allowing them to print the tickets themselves. In May 2005, a few hundred concertgoers showed up at a U2 concert with what turned out to be Ticketmaster tickets printed multiple times. How do the the forces of supply and demand affect the sales of ticket prices? Explain the negative impact of ticket scalping? (Think broad here, beside the obvious) How do ticket scalper affect competition? When demand is high what happens to competition, when demand drops what happens to competition? Here is an example how one student replied to these questions. Please discuss this with your group members. In order to receive full points two posts per student per case is required.