Suppose that a painter uses 3 pieces of canvas valued at $50 each and paint valued at $150 total. She produces 3 paintings worth $200 each. One of these paintings is put in a museum that sells 50 tickets for $10 each. Calculate the value added of the painter and the museum as well as the total value of the creative economy.

Suppose that a painter uses 3 pieces of canvas valued at $50 each and paint valued at $150 total. She produces 3 paintings worth $200 each. One of these paintings is put in a museum that sells 50 tickets for $10 each. Calculate the value added of the painter and the museum as well as the total value of the creative economy.

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter2: Scarcity And Opportunity Costs

Section: Chapter Questions

Problem 14E

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