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28 Sep 2019
In Rolling Stone magazine, several fans and rock stars, includingPearl Jam, were bemoaning the high price of concert tickets. Onesuperstar argued, "It just isnt worth $75 to see me play. No oneshould have to pay that much to go to a concert." Assume this starsold out arenas around the country at an average ticket price of$75.
question:
Suppose that due to this star's protests, ticket prices werelowered to $50. In what sense is this price too low? Draw a diagramusing supply and demand curves to support your argument.
In Rolling Stone magazine, several fans and rock stars, includingPearl Jam, were bemoaning the high price of concert tickets. Onesuperstar argued, "It just isnt worth $75 to see me play. No oneshould have to pay that much to go to a concert." Assume this starsold out arenas around the country at an average ticket price of$75.
question:
Suppose that due to this star's protests, ticket prices werelowered to $50. In what sense is this price too low? Draw a diagramusing supply and demand curves to support your argument.
question:
Suppose that due to this star's protests, ticket prices werelowered to $50. In what sense is this price too low? Draw a diagramusing supply and demand curves to support your argument.
RonaldLv2
28 Sep 2019
