< Meina Plaisir - Demand and supply Interaction 40424 o+ ... Do Now: Study the cartoon below, then address the question eaglecartoons.com JUST WHY IS GAS SO EXPENSIVE? O SUPPLY DEMAND Explain the meaning of this political cartoon Read the scenario below, then apply economic thinking to address the questions that follow A Tale of Two Letters A letter written by president Abraham Lincoln was put on sale along with a letter written by his assassin John Wilkes booth. Lincoln is one of the greatest presidents, and many people collect anything he wrote 1. Which letter is likely to be worth more: one written by Abraham Lincoln or one written by his assassin, John Wilkes Booth? Explain The demand for letters written by Lincoln surely would seem to be much greater than the demand for letters written by Booth. Yet, when R.M. Smythe and Co. auctioned off on the same day a letter written by Lincoln and a letter written by Booth, the Booth letter sold for $31,050, and the Lincoln letter sold for only $21,850. 2. Use a demanu anu's I to explain now the Booth letter has a higher