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11 illustrate the following with supply and demand curves a...

Question: 11 illustrate the following with supply and demand curves a...

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1.1 Illustrate the following with supply and demand curves: a. In November 2014, Andy Warhols silkscreen artwork Triple Elvis [Ferus Type] was sold at Christies Auction House b. In March 2015, hogs in the United States were selling for before. This was due primarily to the fact that supply had c. In 2015, the demand for organic produce continued to rise, in New York for $81.9 million 62 cents per pound, down from 98 cents per pound a year increased during the period. and represented 11 percent of all produce purchased in U.S. supermarkets. At the same time, the number of farmers growing organic crops had increased by 119 percent since 2007. The overall result was a drop in the average price of organic produce and an increase in the quantity of organic produce sold. 1.2 Every demand curve must eventually hit the quantity axis because with limited incomes, there is always a price so high that there is no demand for the good. Do you agree or disagree? Why? 1.3 When excess demand exists for tickets to a major sporting event or a concert, profit opportunities exist for scalpers Ex plain briefly using supply and demand curves to illustrate Some argue that scalpers work to the advantage of everyone and are efficient. Do you agree or disagree? Explain briefly 1.4 In an effort to support the price of some agricultural goods, the Department of Agriculture pays farmers a subsidy in cash for every acre that they leave unplanted. The

1.2 Every demand curve must eventually hit the quantity axis because with limited incomes, there is always a price so high that there is no demand for the good. Do you agree or disagree? Why?

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