Ticket Scalping

Instructions

The project consists of performing application-oriented exercises wherein the general economic principals learned in the course are put to practical use. You are being asked to write a one to two-page written summary that responds to a topic of your choosing.  The summary should be double spaced and 12-point font.  Please use Microsoft Word!! The project will be due on, or before, the last day of class.  Announcements will be made prior to the due date informing students of the optimal time to complete the project.  You will send your finalized project to the professor via email. Ticket ScalpingMost scalping laws make it illegal to sellbut not to buytickets at prices above those printed on the ticket. Assuming that is the case, use supply and demand analysis to explain why the equilibrium ticket price in an illegal secondary market tends to be higher than in a legal primary market.

Answer

Ticket ScalpingEntrance to events can be free or under a cost which involves selling of tickets. The tickets bear the cost of entering the venue for the event. Events where tickets are required range from live music shows, cultural events, football matches, and other games. It is illegal to enter such venues without a ticket. This increases demand for tickets. Ticket scalping involves buying of tickets from authorized sellers to sell them to individuals who demand them (Segrave, 2007). Reselling of tickets is referred to as ticket scalping based on the history of American tribes. The native tribes living in America removed the skin of their enemies heads; a practice known as scalping (Segrave, 2007). When travelling by rail became common, some individuals decided to be buying the unused ti...
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