Business, 17.08.2021 22:00 Imanilh

Pope Francis' visit to New York City was a blessed event. It was also a blessed opportunity for ticket scalpers. 93,000 New Yorkers applied for tickets to watch the Pope's procession through Central Park. But church officials had only 40,000 tickets to distribute, which they did by lottery - for free. That left 53,000 New Yorkers without tickets. It was a scalper's heaven. Sinful resellers immediately started hawking tickets online. The free tickets were simply mailed in a PDF to lottery winners, with no ID required, making them easy to resell. Scalped tickets sold for as much as $3,000 a pair. Although church officials urged scalpers to repent, the opportunity for profit was irresistible. Required:
a. How large was the market shortage at the Church-set price of $0?
b. If the Church had sold the tickets for $100, how would have quantity demanded changed?
c. If the Church sold the tickets for $100, would the market shortage have been larger or smaller?

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Pope Francis' visit to New York City was a blessed event. It was also a blessed opportunity for tick...