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The supply of paintings by Leonardo Da Vinci, who painted the Mona Lisa and The Last Supper and died in 1519, is highly inelastic. Sketch a supply and demand diagram, paying attention to the appropriate elasticities, to illustrate that demand for these paintings will determine the price.

Hence, equilibrium price $P$ is found at intersection of demand and supply curve.

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Chapter 5

Elasticity

How Markets Work

Markets and Welfare

Lee M.

March 23, 2021

Use demand and supply curves to illustrate and explain why rare items, such as the Mona Lisa painting by Leonardo da Vinci, are sold at such high prices.

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So let's talk about the Vinci's paintings now. The Vinci in the Night of the Vinci It's a famous painter who painted the Mona Lisa and the Last Supper but unfortunately died in 15 19. However, his the supply of his paintings are perfectly in elastic because regardless of how much you increase the price of these paintings, you know that when she can't come back to life and paint some more, so the set off paintings that he made are finally, you can't produce any more. However, the demand can range in elasticity. The only way to change the price here is to have increases in the man's or decreases and the man right, so changes in the men. We'll change the price. See how, if we decrease price, demand price goes down. Then if we increase the man price goes up. So the men will be the main thing that affects the price in this market for the Vinci paintings,

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