1. What happens to your indifference curves when buying a frame like this for the picture?

Indifference curves shift outward from the origin to reflect the increased utility.

2. The title of the original article is “Art’s marginal cost.” What is the marginal cost to which the author refers, and why is it marginal?

The fact that you need to buy additional goods besides just the art to get it to reflect the value you imagined when you bought it in the first place.

3. Imagine that you inherit a beautiful piece of needlework from your grandmother. Does this same “Art’s marginal cost” argument apply if the frame, while undamaged, is no longer in style?

Answers will vary. Some students will remark on the sentimental value being the primary source of utility; others will say that the same argument as above applies.

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