Consider the market for van Gogh paintings and assume no forgeries are possible. a. Is the supply
Question:
a. Is the supply of van Gogh paintings somewhat elastic, somewhat inelastic, perfectly elastic, or perfectly inelastic? Why?
b. Draw the supply curve for van Gogh paintings.
c. Suppose there are only 10 van Gogh paintings in the world, and the demand curve is Q = 50 - 0.5P. What is the equilibrium price?
d. A tragic fire destroys five of the paintings. What is the new equilibrium price?
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a Due to the limited number of van Gogh paintings the supply is perfectly inelasti...View the full answer
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Related Book For 
Microeconomics
ISBN: 978-1464187025
2nd edition
Authors: Austan Goolsbee, Steven Levitt, Chad Syverson
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