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Concert Ticket Market Analysis
Consider the market for tickets to a popular concert, represented by the following schedule:
| Price | Quantity Demanded | Quantity Supplied |
|---|---|---|
| $50 | 10,000 | 2,000 |
| $75 | 8,000 | 4,000 |
| $100 | 6,000 | 6,000 |
| $125 | 4,000 | 8,000 |
Suppose the concert promoter, aiming to make the event seem more exclusive and generate buzz, sets the official ticket price at $75. Based on the schedule, will this pricing decision result in a surplus or a shortage of tickets? Calculate the specific size of this market imbalance.
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