7?

37. The supply of paintings by Leonardo Da Vinci, who painted the Mona Lisaand The Last Supperand died in

1519, is highly inelastic. Sketch a supply and demand diagram, paying attention to the appropriate

elasticities, to illustrate that demand for these paintings will determine the price.

38. Say that a certain stadium for professional football has 70,000 seats. What is the shape of the supply curve

for tickets to football games at that stadium? Explain.

39. When someone’s kidneys fail, the person needs to have medical treatment with a dialysis machine (unless

or until they receive a kidney transplant) or they will die. Sketch a supply and demand diagram, paying

attention to the appropriate elasticities, to illustrate that the supply of such dialysis machines will

primarily determine the price.

40. Assume that the supply of low-skilled workers is fairly elastic, but the employers’ demand for such
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