X DEup: Applicator X Topk Diset x Asalarmer C ezomibeducator com Homework Exercise Chapter 3 Saved Help Save & Exit Submit Check my work 5 According to the News Wire below, 3.33 NEWS WIRE DISEQUILIBRIUM PRICING points Ticket scalpers making big bucks off 12/12/12 concert to benefit Hurricane Sandy victims The 12/12/12 concert to benefit survivors of Superstorm Sandy has become a scalper's eBook bonanza. A pair of tickets to the star-studded charity event Wednesday evening were going to a laughable $808,500 on StubHub - though the listing was hastily removed after The Daily References News called the website about it. So as of 12:30 p.m. Wednesday, the most expensive seat is selling for $10,400 on the resale site - a more believable, yet still outrageous price. Tickets have face values from |$150 to $2,500, with all proceeds going to the Robin Hood Relief Fund charity organization. But many ticketholders are using online sales such as StubHub to resell coveted tickets to a mega-show featuring Bruce Springsteen, Billy Joel, the Who, Paul Mccartney and the Rolling Stones - and pocket the profits. Stephen Rex Brown, New York 2, 2012. DISCUSSION: This News Wire illustrates what happens at music concerts when tickets are priced below equilibrium. On December 12. 2012 a benefit concert for survivors of Hurricane Sandy was held at New York City's Madison Square Garden. The 20,000 seats were priced at $150 to $2.500. Those seemingly high prices, however, were far below the market equilibrium. Had the concert promoters priced tickets closer to the market equilibrium, they would have pulled in a lot more money for Sandy survivors. As it turned out, scalpers got a big chunk of that money Assume the average face value of tickets for the Sandy benefit concert was $600 and the equilibrium price was $1,000, how much ticket revenue was lost due to disequilibrium pricing? Instructions: Enter your response as a whole number. $ million Gra Nov 26 O M