Why is this supply curve is dfferent from the other ones

Reference no: EM13245282

there is only one copy of famous painting mona lisa, and it is located in the louvre museum in Pris. assume that the louvers museum faces a severe finacial crisis and the management decides that they must sell the mona lisa painting for whatever price they can get. because the financial crisis is so serious they will need to sell the painting even if the price they receive is very low. use this information to answer questions.

1.draw a supply curve for the mona lisa painting.

2.why is this supply curve is dfferent from the other ones we have seen?

3.given the supply curve, what will determine the price at which the mona lisa is sold?

4.draw a diagram that shows the market equilibrium price and quantity for the sale of the mona lisa.

5. now suppose that tastes in art change, and art collectors decide that mona lisa is not such a great painting after all. draw a new diagram showing the effect of this change in tastes on the market for the mona lisa.

6. what effect will this change in tastes among art collectors have on the price at which the mona lisa sells?

Reference no: EM13245282

Questions Cloud

Explain the flask was then shaken until the solution : The flask was then shaken until the solution was uniform. A 45.0 \rm mL sample of this glucose solution was diluted to 0.500 \rm L. How many grams of glucose are in 100. \rm mL of the final solution

What is the approximate value of the company : An injection molding machine can be purchased and installed for $90,000. It is in the seven-year GDS property class and is expected to be kept in service for 8 years. It is believed that $10,000 can be obtained when the machine is disposed

Explain the reaction of an aqueous solution of koh : Consider the reaction of an aqueous solution of KOH with an aqueous solution of HC2H3O2. Which of the following should appear on the product side of this reaction

What is the force exerted by the current loop on the wire : A long straight wire carries a current I1 = 3.2 A and is a distance h = 12.2 cm from a rectangular current loop that carries a current I2 = 1.2 A, What is the force exerted by the current loop on the wire

Why is this supply curve is dfferent from the other ones : now suppose that tastes in art change, and art collectors decide that mona lisa is not such a great painting after all. draw a new diagram showing the effect of this change in tastes on the market for the mona lisa.

Why did english religious dissenters settle in new england : Why did English religious dissenters settle in New England? How did the Puritan authorities deal with dissent?

Find out the concentration of a solution of nitric : A chemist needs to determine the concentration of a solution of nitric acid, HNO_3. She puts 865 mL of the acid in a flask along with a few drops of indicator

What is the gravitational potential energy : What is the gravitational potential energy of an interstellar cloud, with a density of 1000 H2 molecules/cm3, and radius of 10 pc

Populism and social revolutions : 20th Century Latin America produced new types of political movements in the form of populism and social revolutions.

User Account

All Pages