The following questions refer to the Planet Money podcast "Kid Rock vs The Scalpers" https://www.npr.org/sections/money/2018/11/28/671580422/episode-468-kid-rock-vs-the-scalpers

a.According to the story in the podcast, describe the following:

What is the product and how is the problem related to supply and demand?

Why was one of the solutions proposed by Kid Rock increasing the number of shows?

Draw a graph explaining your answer.

b.Kid Rock seems to feel very strongly about the price of the tickets offered in his concerts. How are the prices related to supply and demand?

c.Draw a graph illustrating the consumer surplus region and its meaning for the story. Do you think consumers derive a large value from the pricing schemes introduced by Kid Rock?What measures did Kid Rock employ to ensure that he could enforce optimal pricing schemes?

d.Illustrate the effect of scalpers to the consumer surplus region. That is, how much surplus is derived by consumers when scalpers can buy lower-priced tickets and resell those to the public at higher prices?