Business, 16.09.2019 17:30 TH3L0N3W0LF

In 2006, willem de kooning's abstract painting woman iii sold for $137.5 million. portray this sale in a demand and supply diagram when the quantity is 1.

Answers: 1

Show answers

Answers

Answer from: 19thomasar

The demand and supply curve would be perfectly inelastic in case of giving abstract painting.

Further Explanation:

Law of Supply:

According to the Law of supply, when the price of the goods increases, the quantity supplied of the goods will increase and when the price of the goods decreases, the quantity supplied of goods will decrease. The supply curve is upward sloping since the quantity supplied and prices are directly proportional.

Perfectly inelastic supply:

When the product price does not affect the product supply then the condition is known as perfectly inelastic supply. The relation between the demand and supply of the product is not changed by the price change. The supply curve is mostly perfectly inelastic in case of luxury goods.

Prepare a demand and supply diagram:

The demand for abstract painting is perfectly inelastic. So there will be no effect of price on the supply of the goods. The diagram for the demand and supply of the product can be prepared as follows:

Thus, the demand and supply curve would be perfectly inelastic in case of giving abstract painting.

Learn more:

1.Demand and type of goods

2.Demand and supply of goods

3.Elasticity of demand

Answer details:

Grade: Senior School

Subject: Economics

Chapter: Law of supply

Keywords: 2006, Willem de, Kooning's, abstract, painting, woman, iii sold, for, $137.5, million, portray, this, sale, in, a, demand, and, supply, diagram, when, the quantity, is 1, demand curve, supply curve.

Prepare a demand and supply diagram:

(revenue in millions)

In 2006, willem de kooning's abstract painting woman iii sold for $137.5 million. portray this sale

Answer from: Quest

Most four year colleges want a applicants scores for all the following except iq.

Answer from: Quest

Nothing will happen.maybe some more oxygen will be saved.but the answer is no.

Other questions on the subject: Business

Business, 21.06.2019 15:50, shealene7

Which one of the following is never part of recording the requisition and issuance of raw materials in a job order cost system? debit finished goods inventory debit manufacturing overhead credit raw materials inventory debit work in process

Answers: 2

continue

Business, 21.06.2019 23:30, aaroneduke4576

Consider the following scenarios. use what you have learned to decide if the goods and services being provided are individual, public, or merit goods. for each case, state what kind of good has been described and explain your answer using the definitions of individual, public, and merit goods. (6 points each) 1. from your window, you can see a city block that's on fire. you watch city firefighters rescue people and battle the flames to save the buildings. 2. while visiting relatives, you learn that your cousins attend a nearby elementary school that is supported financially by local property tax revenue. 3. you see a squadron of military jets flying overhead. 4. you find out that your aunt works for a defense manufacturing company that has several defense contracts with the government. she tells you that she works for a team that is producing a communications satellite. 5. your class visits a local jail run by a private, profit-making company that detains county criminals and is paid with tax revenue.

Answers: 1

continue

Business, 22.06.2019 14:50, QuarkyFermion

Pear co.’s income statement for the year ended december 31, as prepared by pear’s controller, reported income before taxes of $125,000. the auditor questioned the following amounts that had been included in income before taxes: equity in earnings of cinn co. $ 40,000 dividends received from cinn 8,000 adjustments to profits of prior years for arithmetical errors in depreciation (35,000) pear owns 40% of cinn’s common stock, and no acquisition differentials are relevant. pear’s december 31 income statement should report income before taxes of

Answers: 3

continue

Business, 22.06.2019 17:30, flax05

What is the sequence of events that could lead to trade surplus

Answers: 3

continue

You know the right answer?

In 2006, willem de kooning's abstract painting woman iii sold for $137.5 million. portray this sale...