Illustrate the following with supply and demand curves: a. In the summer of 2010, Spanish artist Pablo
Question:
Illustrate the following with supply and demand curves:
a. In the summer of 2010, Spanish artist Pablo Picasso'sPortrait d'Angel Fernandez 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.
Principles of Macroeconomics
ISBN: 978-0134078809
12th edition
Authors: Karl E. Case, Ray C. Fair, Sharon E. Oster