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In an article titled, "How the Napa Fires Could Affect the Taste, Price of your Wine," on USA Today's web site in October 2017, it was reported that "...smoky flavors in wine are a possibility in the aftermath of the fires charring Napa, Sonoma and other parts of northern California wine country." Assuming this "wine taint" does happen, and knowing that many vineyards were destroyed, what would you expect to happen in the market for wine? Use what you have learned about 1) demand (and its determinants) and quantity demanded and 2) supply (and its determinants) and quantity supplied as you discuss this with your group members.
To help you figure this out, draw a supply/demand graph for wine for yourself (not to submit to me); then compare your graph with those of your group members. If it's easy for you to scan your graph and attach it to your post, do that. But if it's not easy to do that, just describe your graph in words. That is, explain how you labeled the axes of your graph, what the demand curve looks like, what the supply curve looks like, how you labeled the equilibrium price and quantity, any curve shifts, and what happened to equilibrium price and quantity as a result of the curve shift(s) (changes in demand and/or supply). [You will have to be able to explain how to draw a supply/demand graph on the first exam.]
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Producing a product and/or service has to involve a lot of strategic planning for the producer. It is not logical for a producer to just pick how much they want to produce without analyzing several key figures.
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Think about all the economic data that are reported in the news every day. The information from all of them may be relevant, but does a policymaker really need to know any more about the state of the economy than the level of output and the inflation..
Using a wholesale cost of $4 per case in each state, calculate the breakeven output quantities for each alternative.
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Primo Salt, Inc., manufactures salt, according to the following production function: Q(K, L) = 2L 1/2K 1/3 , where output Q is measured in tonnes, L in labour-days, and K in machine-days. Give the wage rate w (in $/labour-day), the number of machine-..
You observe a fellow nurse undressing an elderly woman and restraining her hands. The woman has been crying and yelling out for much of the night and is obviously confused. She leaves the woman naked on a stripped bed and walks out of the room, closi..
A 0.20-kg metal sphere oscillates at the end of a vertical spring.As the spring stretches from 0.13 to 0.21 m (relative to itsunstrained length), the speed of the sphere decreases from 5.3 to4.6 m/s. What is the spring constant of the spring?
In the international marketplace, countries are categorized based on their stages of development. A marketer needs to be clear on these categories in order to determine the potential demand for its products/services.
Using Total Expenditures, the money market, and the investment market, explain and graphically depict the effect of an increase in the money supply on the level of output and the interest rate.
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