You are the manager of a California winery. How would you expect the following e

Question

You are the manager of a California winery. How would you expect the following events to affect the price you receive for a bottle of wine? You may include graphs if they help illustrate your response.

a)      The price of comparable import wines decreases

b)      One hundred new wineries open in California

c)       The unemployment rate in the United States increases

d)      The price of cheese increases

e)      The price of glass bottles increases significantly

f)       A new wine-making technology is introduced that reduces production costs

g)      The average age of consumers increases and older people drink less wine

Explanation / Answer

a) price decreases

b) price decreases

c) price decreases

d) price increases to a lesser extent

e) price increases

f) price decreases

g) price decreases

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