Suppose the demand for tickets to a basketball game is Q^D = 40,000 - 1000 P and the market supply is fixed at Q^S = 25,000. The face price (P_F) on the tickets is $10.Assume the market for basketball tickets is a competitive market.

1. What would the market outcome be (i.e., price paid, quantity exchanged and any shortage or surplus that results) if the state of Illinois has no anti-scalping law? Draw a graphical model of this market scenario.
2. What would the market outcome be (i.e., price paid, quantity exchanged and any shortage or surplus that results) if the state of Illinois does have an anti-scalping law? Draw a graphical model of this market scenario.