Consider the markets for beer and wine, two substitutes. Barley is an essential input in production...
Consider the markets for beer and wine, two substitutes. Barley is an essential input in production of beer; grapes are ingredient of making wine.
Price rises and quantity traded falls in the beer market.
Price rises and quantity traded rises in the wine market.
Which of the following could explain these observations?
A. A new technology advancement in growing grapes has been applied.
B. Bad weather has resulted in low production in barley.
C. New firms enter the wine industry.
(This question's answer is B, could you explain why?)
Homework Answers
- The answer is B.
- Bad weather has resulted in low production in barley.
- Due to low production in barley, quantity of production of beer will be decreased, because barley is an important raw material for manufacturing beer. This further increased the price of beer.
- Beer and wine can be considered as substitute goods. They have positive cross price elasticity. That is, when price of one good increases, then the demand for its substitute will increase.
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