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

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

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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?
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Expert Answer:

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