Question

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

Answer 1

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.