In 2017, Leonardo da Vinci's painting Salvador Mundi sold for $450 million. Portray this sale in a demand and supply diagram when the quantity is 1. Instructions: (1) Use the tool provided 'S' to...

In 2017, Leonardo da Vinci's painting Salvador Mundi sold for $450 million. Portray this sale in a demand and supply diagram when the quantity is 1. Instructions: (1) Use the tool provided 'S' to graphically show the supply of this painting. This line should only contain the two endpoints and fully intersect the demand curve. (2) Use the tool provided $450 to indicate the equilibrium point. 0 Tools $450 S Price (millions of dollars) D 0 1 2 3 4 5 6 7 Quantity 0 1 2 3 4 5 6 Quantity ook int Is demand elastic, inelastic, or unit-elastic at this price? ances Unit-elastic O Elastic Inelastic Comedian George Carlin once mused, "If a painting can be forged well enough to fool some experts, why is the original so valuable?" As an economics student you know the answer is that Othere is only one original. O the forgeries use inferior materials, O the original is older O only the original is signed. Danny "Dimes" Donahue is a neighborhood's 9-year-old entrepreneur. His most recent venture is selling homemade brownies that he bakes himself. At a price of $2.00 each, he sells 100. At a price of $1.50 each, he sells 300. Instructions: Use the midpoint method and round your answer to two decimal places. Do not include a negative sign (-). a. What is the elasticity of demand? b. Is demand elastic or inelastic over this price range? Elastic O Inelastic c. If demand had the same elasticity for a price decline from $1.50 to $1.00 as it does for the decline from $2.00 to $1.50, would cutting the price from $1.50 to $1.00 increase or decrease Danny's total revenue? O Decrease Increase