The following questions refer to the Planet Money podcast ”Kid Rock vs The Scalpers”. a. What is the product and who are the market participants? b. Kid Rock seems to feel very strongly about the...

The following questions refer to the Planet Money podcast ”Kid Rock vs The Scalpers”.

a. What is the product and who are the market participants?
b. Kid Rock seems to feel very strongly about the price of the tickets offered in his concerts. How are the prices related to supply and demand? Are the prices at an equilibrium?
c. Why was one of the solutions proposed by Kid Rock increasing the number of shows?

Draw a graph explaining your answer.