If the equilibrium price for tickets to a a J. Cole concert is $100 each and he sells them…

Question:

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If the equilibrium price for tickets to a a J. Cole concert is $100 each and he sells them for $90.

a. Does he create a market surplus or shortage?

b. Suppose scalpers buy 9,000 tickets and resell them for $100 each. How much profit do the scalpers earn?

$

Expert Answer:

Answer rating: 100% (QA)

a In this scenario where J Cole sells tickets for 90 while the equilibrium price

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