Illustrate the following with supply and demand curves:

a. In the summer of 2010, Spanish artist Pablo Picasso’s Portrait d’Angel Fernández de Soto was sold in London for

$51.6 million.

b. In 2010, hogs in the United States were selling for 81 cents per pound, up from 58 cents per pound a year before. This was due primarily to the fact that supply had decreased during the period.

c. Early in 2009, a survey of greenhouses indicated that the demand for houseplants was rising sharply. At the same time, large numbers of low-cost producers started growing plants for sale. The overall result was a drop in the average price of houseplants and an increase in the number of plants sold.