9. In May 2004 Pablo Picassos 1905 painting Boy with a Pipe sold at auction for $104

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9. In May 2004 Pablo Picasso’s 1905 painting Boy with a Pipe sold at auction for $104 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. LO 4

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Essentials Of Economics

ISBN: 9780073511313

2nd Edition

Authors: Stanley L. Brue, Campbell R. McConnell, Sean M. Flynn

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