Seminar Elasticity Part Elasticity recap

Questions:

1. Why can ticket touts sell tickets above the equilibrium price shown in the diagram?

2. In what ways could ticket touts be said to be distorting the market?
3. Why may allowing ticket touting to take place result in empty seats at concerts or other events?
4. Would it be a good idea for event organizers to charge higher prices for popular events than they do at present, but still below the equilibrium
5. How does the price elasticity of demand influence the mark-up that ticket touts can make? Illustrate this on a diagram similar to the one above.

At the end, you may watch another short video (1.5 min) about scalping:

https://youtu.be/-hOgrbkmlEU