TICKET DIRECTIONS Read the following passage from a New York Times newspaper article and ADMIT ONE answer the three questions that follow. After you have answered the questions, pair up with another student and discuss your answers. Then, use the graph on the back to follow along with the teacher. IN THE RACE TO BUY CONCERT TICKETS, FANS KEEP LOSING 6 October 2018 - by Ellen Rosen Lisa Senauke, a Bruce Springsteen fan since 1973, tried to get tickets to his Oct. 26 concert in Oakland, Calif. The tickets were to go on sale at 10 a.m. on Sept. 17, and starting at 9:58 a.m., she logged into her Ticketmaster.com account, credit card in hand. But though she tried again and again for the next hour to buy tickets, she was always told the same thing: nothing available. Ms. Senauke's frustration is not isolated. The coming concerts of...Miley Cyrus.sold out in minutes. And the same thing happened with tickets to recent reunion tours by the Police and Van Halen. While some fans just quietly give up, others have complained to government officials, particularly after they found tickets to the same concerts available -- sometimes at many times the face value - on secondary sellers like Stubhub.com and TicketsNow minutes after the public sale began. 1854967 1854967

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 8PA

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Is this market in equilibrium? How do you know?

What is one idea you can think of to help solve this problem?

Warm Up
TICKET
DIRECTIONS
Read the following passage from a New York Times newspaper article and
ADMIT ONE
answer the three questions that follow. After you have answered the
questions, pair up with another student and discuss your answers. Then, use
the graph on the back to follow along with the teacher.
IN THE RACE TO BUY CONCERT TICKETS, FANS KEEP LOSING
6 October 2018 - by Ellen Rosen
Lisa Senauke, a Bruce Springsteen fan since 1973, tried to get tickets to his Oct. 26 concert in Oakland, Calif. The
tickets were to go on sale at 10 a.m. on Sept. 17, and starting at 9:58 a.m., she logged into her Ticketmaster.com
account, credit card in hand. But though she tried again and again for the next hour to buy tickets, she was always
told the same thing: nothing available.
Ms. Senauke's frustration is not isolated. The coming concerts of...Miley Cyrus.sold out in minutes. And the
same thing happened with tickets to recent reunion tours by the Police and Van Halen.
While some fans just quietly give up, others have complained to government officials, particularly after they found
tickets to the same concerts available -- sometimes at many times the face value -- on secondary sellers like
Stubhub.com and TicketsNow minutes after the public sale began.
1854967
1854967

Definition Video Formula Definition Phenomenon in which market supply and demand balance each other. Market equilibrium is the economic state in which the market demand curve intersects the market supply curve, giving us the equilibrium price and equilibrium quantity for which a commodity can be sold and purchased in an economy. When market equilibrium is achieved, it suggests that all resources have been allocated efficiently and that there is just a distribution of income and resources in the economy. Video Formula

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