Question

Homework: MEL 2 Score: 0 of 4 pts End of Chapter 3.6 An article discusses the market for autographs by Mickey Mantle, the superstar centerfie the New York Yankees during the 1950s and 1960s: "At card shows, golf outings, charity dinners, Mr. Mantle signed his name over and ove One expert on sport autographs is quoted as saying: "He was a real good signer ... He is not rare." Yet the article quotes another expert as saying: "Mr. Mantle's autograph ranks No. 3 of most-popelar autographs, behind Babe Ruth and Muhammad Ali." A baseball signed by Mantle is likely to sell for the relatively high price of $250 to $400. By contrast, baseballs signed by Whitey Ford, a teammate of Mantle's on the Yankees, typically se for less than $150. Use one graph to show both the demand and supply for autographs by Whitey Ford and the demand and supply for autographs by Mickey Mantle. Show how it is possible for the price of Mantie's autographs to be higher than the price of Ford's autographs. even though the supply of Mantle autographs is larger than the supply of Ford autographs. Source: Beth DeCarbo, "Mantie Autographs Not Rare, but Collectors Don't Care," Wall Street Journal, August 4, 2008. Selected: Line tool Click the graph to plot the first point on your line. All parts showing Clear A

Answer 1

The given situation can be explained with the below drawn graph: Mickey Mantle Ford Here, in case of Mickey Mantle, due to his huge popularity among his fans, the demand for his autographs is way too high, which shifts the demand curve for his autographs to the right, leading to an increase in its price. In case of Ford, although the demand is high, but the supply exceeds the demand, which puts a downward pressure on the price of autographs, leading to a fall in its price.