In May 2005, a 1963 painting by Andy Warhol called Liz was sold in New York for $12.6 million. 1.) Using the line drawing to

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Shkiper50 [21]

4 years ago

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In May 2005, a 1963 painting by Andy Warhol called Liz was sold in New York for $12.6 million. 1.) Using the line drawing to

ol, illustrate the supply curve that would be consistent with a price of $12.6 million. Properly label this line.

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1 answer:

lorasvet [3.4K] · Answer 1 · 2022-01-20T22:49:04+03:00

Answer:

Since there is only one painting by Andy Warhol called liz, the supply is fixed at 1 unit. The demand and supply curve meet at E to determine the price of 12.6 million. The graph is plotted on price and quantity demanded. Therefore the line, illustrate the supply curve is consistent with a price of $12.6 million.

In May​ 2005, a 1963 painting by Andy Warhol called Liz was sold in New York for​ $12.6 million. ​1.) Using the line drawing​ to

In May 2005, a 1963 painting by Andy Warhol called Liz was sold in New York for $12.6 million. 1.) Using the line drawing to