Shows and competitions each year which firms can attend

Reference no: EM133552718

Question: "Saxum Vineyard, in Paso Robles, CA, is one of the more than 9,000 wineries in the United States. While Saxum produces a number of different kinds of wine, they focus their production on Syrah (also known as Shiraz). Saxum sells their wines all over the United States. Suppose you manage a vineyard like Saxum and want to determine how much you should charge for your Syrah. Suppose the market demand function for Syrah is as follows. QD = 210 - 35.11PO + 7.65PS - 2Pc + 12Inc + .7TS + .5M21 Where QD is monthly demand for bottle of Syrah (in millions), PO is the price of Syrah in the market, PS is the average price of substitute bottles of wine (other varieties), Pc is the average price of a pound of cheese and is used to gauge the price of complimentary goods, Inc is average US per capita income (in thousands), TS is the number of wine trade shows and competitions each year which firms can attend to market their wines, and M21 is the number (in millions) of millennials in the US over the age of 21. This last variable is included to capture a change

Reference no: EM133552718

Questions Cloud

Demand deposit balances at correspondent : Cash on hand, demand deposit balances at correspondent banks and reserves kept at the FED are examples of primary reserves

What is peaceful protest how can this be an effective form : Martin Luther King Jr. is a famous figure in American history. List the things you know about him and his accomplishments.

What is the economic meaning of mrsto : What is the size of MRSTO (marginal rate of substituting tangerine for orange) for Park and What is the economic meaning of MRSTO

How do you think covid-19 has shaped international politics : How do you think COVID-19 has shaped International Politics? Identify one positive and one negative outcome. How has International Politics effected the spread

Shows and competitions each year which firms can attend : shows and competitions each year which firms can attend to market their wines, and M21 is the number (in millions) of millennials in the US over the age of 21

Would you take the lesser amount in cash : Would you take the lesser amount in cash or would you go for the five installments? Demonstrate. Note: Assume the interest rate on risk-free deposits

What are the typical job duties : What are the typical job duties? What are the educational requirements? What are the qualifications, preparation, and training? What are the earnings

How the amount of foreign exchange reserves : Discuss this in the context of how the amount of foreign exchange reserves of a country is related to the stability of the currency peg

How much does government spending need to increase : How much does government spending need to increase/decrease for the economy to achieve full employment? Now, suppose the government decides to close the output

User Account

All Pages