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On October 1, 2007, CNN reported on the sellout of tickets to concerts of Miley Cyrus (also known as Hannah Montana, the name of her main TV character). "Fans are so desperate for seats to her 54-date tour, kicking off later this month, that venues have sold out in as little as four minutes and scalpers are getting four to five times the face value." (According to the dictionary, a scalper is someone who resells something-in this case tickets-at a price higher than the established value.) "The tour promoter capped prices at $65 and put a four-ticket maximum on each transaction. However, the average ticket for the Hannah Montana tour was being resold for $214."

(a) Draw the initial market-without scalpers. Take into account that many consumers who would be willing to buy a ticket at the official price of $65 cannot do so because of the limited number of tickets.

Microeconomics, Economics

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