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Economics:

10th Edition
BOYES + 1 other
Publisher: Cengage Learning
ISBN: 9781285859460

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BuyFindarrow_forward

Economics:

10th Edition
BOYES + 1 other
Publisher: Cengage Learning
ISBN: 9781285859460
Chapter 32, Problem 3E
Textbook Problem
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It is often stated that an artist is not famous until after he or she dies. Why do artists’ works rise in price much more rapidly after the artist is dead than during the artist’s life? How does this relate to the land market?

To determine

The reasons due to which the artists' works price rise rapidly after his death and its way it is related with the land market is to be determined.

Explanation of Solution

The supply curve is elastic while the artist is alive. That is with an increase in the price of the artist's work it will lead to more production that is, the artist will be willing to produce more and more at an increased price...

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