User Account

All Pages

Why is the original so valuable

Assignment Help Microeconomics
Reference no: EM13337266

In 2006, Willem de Kooning’s abstract painting Woman III sold for $137.5 million. Portray this sale in a demand and supply diagram and comment on the elasticity of supply. Comedian George Carlin once mused, “If a painting can be forged well enough to fool some experts, why is the original so valuable?” Provide an answer.

Reference no: EM13337266

Questions Cloud

Calculate the government expenditure multiplier : With reference to the simple closed economy income-expenditure model,suppose the aggregate consumption function is C = 100 +0.8(Y – T); taxes areT = 10 + 0.25Y; investment, I, is 300 and government expenditures, G, are 200.
Evaluate the value of go in kj : At a certain temperature, 893 K, Kp for the reaction, 2 H2S(g) 2 H2(g) + S2(g), is 5.26 x 105. Calculate the value of ?Go in kJ for the reaction at 893 K.
How far up the incline does the student go : The spring shown in the figure is compressed 50 cm and used to launch a 100 kg physics student. How far up the incline does the student go
Implement various database-related algorithms : Implement various database-related algorithms and do experiments on efficiency/effectiveness.
Why is the original so valuable : In 2006, Willem de Kooning’s abstract painting Woman III sold for $137.5 million. Portray this sale in a demand and supply diagram and comment on the elasticity of supply. Comedian George Carlin once mused, “If a painting can be forged well enough to..
Evaluate the value of k for the reaction at the temperature : At 386 K, ?Go equals 124.0 kJ for the reaction, 2 H2S(g) 2 H2(g) + S2(g) Calculate the value of K for the reaction at this temperature. Give your answer in scientific notation to 3 significant figures
Demonstrate your capacity to understand and evaluate : Demonstrate your capacity to understand and evaluate our right to privacy
Does each additional singing of the song hurt more than the : Mylie’s total utility from singing the same song over and over is 50 utils after one repetition, 90 utils after two repetitions, 70 utils after three repetitions
Does this man that george would be just as weel off : With the per-unit prices of broccoli (b) and pork rinds (r) equal to $2 and $1, a consumer, George, with an income of $1000 purchases 400R and 300B. At that point, the consumers MRS = 2r/1b.

Reviews

Write a Review

Microeconomics Questions & Answers

  Question about monopoly theory

Since a monopoly is the only source of supply, customers are entirely at its mercy. There is no limit to the price the monopoly can charge.

  Explain minimum-wage worker

If we assume that wage differences are caused solely by differences in productivity, how many times more productive was the average worker than a worker being paid the Federal minimum wage?

  Production decisions in short run

You've been hired by an unprofitable firm to determine whether it should shut down its unprofitable operation. Help the management of the firm as to whether or not it should continue to operate at a loss?

  Draw the two curves relating the capital to labour ratio

There are two goods, Cloth and Food, and two factors of production, labour and capital. Suppose that the production function for each good is "homothetic".

  Discuss which factors facing the firm to make demand

Consider a profit maximizing firm producing a differentiated product by use of capital and labour. Although the firm can use both capital and labour as inputs, and it is fairly easy to substitute between these inputs, the firm relies heavily on la..

  Explain and show welfare measurement analysis in graph

Explain the effects of the $26 a week increase in the minimum wage on the workers' surplus and the firms' surplus. Has the labour market become more efficient or less efficient? Explain and show the welfare measurement analysis in the graph.

  Is the effective interest rate on the loan really 20 percent

A lender made the following statement to a borrower: “You are borrowing $1,000, which is to be repaid in twelve monthly installments of $100 each. Your total interest charge is $200

  Elasticity of demand and total revenue

Explain the relationship between elasticity of demand and total revenue for the following ranges along the demand curve, using the attached Graphs for Elasticity of Demand, Total Revenue.

  Explain events using the aggregate demand/supply model

In 2007 the U.S. was faced with two events. At the beginning of 2007, oil prices more than doubled. A financial crisis hit the economy starting in August 2007 causing a reduction in consumer and business spending. These events led to a rise in th..

  Were they to merge then the markets hhi would

Consider a market with four firms.Suppose the first firm has a49% market share,the second has a 35%market share, the third firm has a 10% market share, and the fourth firm has a 6% market share

  Justify the long-term nature of the contract with cgi group

The division of a large office services company that makes high-end copiers recently signed a five-year, $25 million contract for IT services from CGI Group, a Canadian information technology company.

  Implication of demand of law

Your are the chief economic advisor to the King of Terra. The king has observed that while the price of energy has increased 20 percent over the past five years, consumers have actually increased their energy consumption by 10 percent over the sam..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd