Choose 1 option and write a minimum 300 word small essay

Option 1:

Let’s look at the market for event tickets. In the past, tickets were sold for face value. If a concert or sporting event sold out, scalpers would resell tickets at a higher price. This was often illegal. Now there are various legal ticket resellers (Stubhub, Seatgeek, Ticketsnow, etc.) that will sell tickets to popular events at prices above the original price. Your essay should address all of the following:

• Why is the original ticket price often not the “correct” equilibrium price for an event?
• If tickets to an event are priced below equilibrium, those tickets should sell out rapidly. Why would an economist say that this is less efficient than resellers charging higher prices for tickets?
• Do you believe that ticket resellers are making consumers better off? Is the trade-off (consumers pay higher prices, but it is easier to get a high-demand ticket) worth it?
• How is this an example of the trade-off between equality and efficiency?

OR

Option 2:

You are in charge of sales for a new shampoo. Your goal is to increase demand for your employer’s product. Your answer should address all of the following:

• What would you do to affect consumer tastes and preferences?
• Are there any other determinants of demand you would try to influence? If so, which determinants would you target and how would you try to affect them? If not, why not?
• How would your plan affect the demand curve?
• How would it affect consumers’ willingness to pay for shampoo? What does this say about consumer utility from shampoo? Explain your answers.
• Based on the effects on consumer utility, does your marketing leave consumers better off? Why or why not?

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