Suppose That the Resale of Tickets to Professional Football Games

question 57

Essay

Suppose that the resale of tickets to professional football games is illegal in Missouri. Due to the high demand for Chiefs (who play in Kansas City, Missouri) tickets there is a shortage of tickets at the current ticket price. Given that the Chiefs will not raise the price at which they sell the tickets, what would be the result of allowing tickets to be resold in a secondary market at whatever price the market would support? If speculators entered the market and began buying tickets directly from the Chiefs in hopes of reselling the tickets later, what would happen to the line outside of the ticket offices when the tickets are initially sold?

Understand the concepts of marginal and average tax rates.

Identify the types of taxes and their characteristics.

Analyze the impact of different tax systems on individual and government revenue.

Distinguish between progressive, regressive, and proportional tax systems.

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Definitions:

MEO

Medium Earth Orbit, a designation for the orbit of satellites that reside in an orbit roughly between 2,000 and 35,786 kilometers above the Earth's surface.

Calibrated Instrument

A calibrated instrument is a device that has been tested and adjusted to ensure its accuracy and reliability in measurement, according to specified standards.

Federally Issued

Documents, currency, regulations or identification that are produced or sanctioned by the central government of a country.

Registered

Officially recorded or listed in a specific registry or database, typically to acknowledge ownership, compliance, or qualification.