The Milwaukee Brewers are playing their archrival Chicago Cubs. Bleacher tickets for the game were sold out and many fans would have attend if tickets were availiable.
1. Draw the demand and supply lines for bleacher tickets for this game. Label the equilibruim bleacher price and the current bleacher price. Label the equilibrium price and state whether the actual price is above or below equilibrium.
2. Did the Brewers use the optimum pricing policy? Explain. If not,explain.
3. What is the main rationing mechanism to allocate tickets for the game?