In 2015 Paul Gauguin's painting When Will You Marry sold for $300 million. Portray this sale in a demand and supply diagram and comment on the elasticity of supply. Comedian George Carlin once mused, "If a painting can be forged well enough to fool some experts, why is the original so valuable?" Provide an answer.

Answer:

Answer: The original painting is valuable because there is demand tor it in the market The demand is derived demand because the buyer wants to show his status in the society, and it could only be possible by associating with it. He is also the ones

Because there is a market for it, the original painting is valuable. The buyer wants to demonstrate his social standing, which drives demand.

According to the law of demand, the quantity bought varies inversely with price. In other words, if the price increases the demanded quantity decreases.

He is also the person who paid the most to reserve the painting. The individual who values it the highest will get it if there is only a limited supply on the market. Some people strongly prefer the original picture and would not pay for it even though there are duplicates on the market.

The demand will then increase significantly. The original picture is represented by the demand curve in the aforementioned graph. when there is only one surviving original master work At equilibrium, the market's price is high.

Hence the original painting's demand is high and quantity is less, that's why it is sold for $300 million.

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