Question #3:

\fI'rice Quantity Demanded $6 ' acct} 3 5,00!) 11'} 2,5111 12 _ 1,500 14 ' . lJiii Conoert pricing policy is set by the Emcllw of the Smdeuts' Association which decided thatall seatsatill sell attht: samepeetegardlessoflocationorpopularity a: performer (clearly, there are no economies majors on the Executhrc). Also, the only cert hall available on campus has a seating capacity of 5,000. {a} If the Executive sets a price of $1i'i per seat, is there an excess demand: or sutilu of oonoei't tickets? (h) _ What price would ll the concert hall without creating a shortage of seats? (c) Suppose the above demand schedule refers to an \"average" concert. and What e. particularly popular performer is boobed the quantity of tickets demanded at ' price doubles. What would be the ecmilibriutn ticket price for a popular former? ' {d} Do you think ticleet scalping would be more profitable if prior. were set equal\" about: or below equilibrium? Explain