You are responsible for booking the band Crazy Mainers in Jewett Hall on Sunday October 23, 2016. You price the tickets at $20 each.

The concert sells out in two hours. On October 23rd, 220 students are waiting in line to get in. What do you do?

The tickets for the concert sell out in the next two hours, at $20 each. The supply curve for the concert tickets will be inelastic, which is even with infinite changes in the price the quantity supplied will not change. On October 23, 220 students are waiting in line to get in. In this case, we can earn higher profits by increasing the price of the ticket. Tickets can be sold at a higher price, whose who can afford at the increased price will buy and the others will be satisfied that the value was more than the utility to them. The revenue will also increase since now tickers will be sold at higher prices.