According to the News Wire below. NEWS WIRE DISEQUILIBRIUM PRICING Ticket scalpers making big bucks off 12/12/12 concert to benefit Hurricane Sandy victims The 12/12/12 concert to benefit survivors of Superstorm Sandy has become a scalper's bonanza. A pair of tickets to the star-studded charity event Wednesday evening want going to laughable $806,500 on StubHub-though the listing was hastily, removed after. The Daily News called the website about it. So as of 12: 30 p. m. Wednesday. the most expensive seat is selling for $10,400 on the resale site a more believable, yet still outrageous price. Tickets have face value from $150 to $2500, with all proceeds going to the going to Robin Hood Relief Fund charity organization. But many ticketholders are using online sales such as stubHub to resell coveted ticket to mega-show featuring Bruce Springstoon, Billy Joel, the Who, Paul McCartney and the Rollings Stone - and pocket the profits. Stephen Rax Brown, New York Daily News, December 12, 2012. DISCUSSION: This News Wire illustrates what happens at music concert when tickets are priced below equilibrium. On December 12, 2012 a benefit concert for survivors of Hurricane Sandy was held at New York City's Madison Square Garden. The 20,000 seats were priced at $150 to $2,500. Those seemingly high prices, however, were far below the market equilibrium, they world have pulled in a lot more money for Sandy survivors. As it turned out, scalpers got a big chunk of that money. Assume the average face value of tickets for the Sandy benefit was $600 and the equilibrium price was $1,000, how much ticket revenue was lost due to disequilibrium pricing? Assume the average face value of tickets for the Sandy benefit concert was $600 and the equilibrium price was $1,000, how much ticket revenue was lost due to disequilibrium pricing? Introduction: Enter your response as a whole number. $ million
