the market for autographs including letters to other documents signed by famous people is subject to frequent large price changes as are markets for most collectables. the following table is adapted from one that originally appeared in an article in the wall street journal. it gives the 1997 price for an autograph, the 2001 price and a brief comment by the wall street journal reporter. use the information conained in the comment column of the table to draw a demand and supply graph for each of the three autographs listed that can account for the change in its market price from 1997 to 2001.
a. autograph 1997 price 2001 price
the beatles 2500 7475
comment: "as boomers get rich so do prices for pieces..signed by the fab 4"
b. autograph 1997 price 2001 price
princess diana 14000 2000
comment: "demand rose after her death in 1997 but now the markets full of items like her signed christmas cards"
c. autograph 1997 price 2001 price
robert e lee 200000 100000
comment: "the civil war's out"