there is only one copy of famous painting mona lisa, and it is located in the louvre museum in Pris. assume that the louvers museum faces a severe finacial crisis and the management decides that they must sell the mona lisa painting for whatever price they can get. because the financial crisis is so serious they will need to sell the painting even if the price they receive is very low. use this information to answer questions.
1.draw a supply curve for the mona lisa painting.
2.why is this supply curve is dfferent from the other ones we have seen?
3.given the supply curve, what will determine the price at which the mona lisa is sold?
4.draw a diagram that shows the market equilibrium price and quantity for the sale of the mona lisa.
5. now suppose that tastes in art change, and art collectors decide that mona lisa is not such a great painting after all. draw a new diagram showing the effect of this change in tastes on the market for the mona lisa.
6. what effect will this change in tastes among art collectors have on the price at which the mona lisa sells?