User Account

All Pages

Why is the original so valuable

Assignment Help Microeconomics
Reference no: EM13337266

In 2006, Willem de Kooning’s abstract painting Woman III sold for $137.5 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.

Reference no: EM13337266

Questions Cloud

Calculate the government expenditure multiplier : With reference to the simple closed economy income-expenditure model,suppose the aggregate consumption function is C = 100 +0.8(Y – T); taxes areT = 10 + 0.25Y; investment, I, is 300 and government expenditures, G, are 200.
Evaluate the value of go in kj : At a certain temperature, 893 K, Kp for the reaction, 2 H2S(g) 2 H2(g) + S2(g), is 5.26 x 105. Calculate the value of ?Go in kJ for the reaction at 893 K.
How far up the incline does the student go : The spring shown in the figure is compressed 50 cm and used to launch a 100 kg physics student. How far up the incline does the student go
Implement various database-related algorithms : Implement various database-related algorithms and do experiments on efficiency/effectiveness.
Why is the original so valuable : In 2006, Willem de Kooning’s abstract painting Woman III sold for $137.5 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..
Evaluate the value of k for the reaction at the temperature : At 386 K, ?Go equals 124.0 kJ for the reaction, 2 H2S(g) 2 H2(g) + S2(g) Calculate the value of K for the reaction at this temperature. Give your answer in scientific notation to 3 significant figures
Demonstrate your capacity to understand and evaluate : Demonstrate your capacity to understand and evaluate our right to privacy
Does each additional singing of the song hurt more than the : Mylie’s total utility from singing the same song over and over is 50 utils after one repetition, 90 utils after two repetitions, 70 utils after three repetitions
Does this man that george would be just as weel off : With the per-unit prices of broccoli (b) and pork rinds (r) equal to $2 and $1, a consumer, George, with an income of $1000 purchases 400R and 300B. At that point, the consumers MRS = 2r/1b.

Reviews

Write a Review

Microeconomics Questions & Answers

  Why is the u.s. gdp so much higher than that of mexico

Why is the U.S. GDP so much higher than that of Mexico? Would the same reasons apply when we compare the U.S. GDP to Canada's GDP?

  Basic microeconomics concepts

In the competitive industry, reduction in property tax rate on fixed capital (plant) would reduce the fixed cost of all firms. This would have the following short-run effects on P, Q, and q respectively.

  Ben allocates his lunch budget between two goods

Consumers in Georgia pay twice as much for avocados as they do for peaches. However, avocados and peaches are the same price in California

  How would t- balance sheet look like for bank

How the Balance Sheet for Bank Z would look like after it loans out its Money to Mr. Chansa and suppose Mr. Chansa Deposit his Money into Bank-B, How would the T- Balance sheet look like for Bank- B

  What effects would the philosophy have on size of federal

Is this measure stabilizing or destabilizing. Suppose all states were committed to a balanced budget philosophy and the economy moved into a recession. What effects would this philosophy have on the size of the federal deficit.

  Explain what you mean by too safe

Many automobile manufacturers routinely advertise the safety of their cars, yet airlines generally do not mention safety in their advertising. Can you suggest an explanation for this difference

  Draw a graph depicting the market for foreign exchange

Given your answer above, explain whether, all else equal, the supply of the IRP increases, decreases, or remains unchanged. Explain the reason for your answer and depict it on your graph above.

  Determine the interest rate and aggregate demand

Suppose a computer virus disables the nation's automatic tellter machines, making withdrawals from bank accounts less convenient. As a result, people want to keep more money on hand, increasing the deman for money.

  What is the cpi

What is the CPI (Consumer Price Index) and what significance does it hold in regards to goods and services? Please explain in detail.

  Determining-interpreting elasticities of demand

Find out the own price elasticity of demand and state whether demand is elastic, inelastic or unitary elastic. Determine the income elasticity of demand state whether good X is normal or inferior

  Determine which of the goals is likely to be most fully met

If an excise tax is imposed on a commodity in order to raise revenue for the government or to reduce the consumption of the good, then what is the relevance of the price elasticity of demand in determining which of the goals is likely to be most ..

  Increase or decrease in demand

Find out if, for the good marked with ALL CAP lettering, if there is the increase or decrease in demand.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd