Q1: Suppose you are the manager of a California winery. How would you expect the following events to affect the price you would receive for a bottle of wine?
b. one hundred new wineries open in California
c. the unemployment rate in the US decreases
e. the price of a glass bottle increases significantly due to new government antishatter regulations
Q2: Citrus Speculation Inc. has been hired by a private consortium of orange growers to predict what will happen to the price and output of ranges under the conditions list below. What are your predictions?
a. A major freeze destroys a large number of the orange trees in Florida.
b. the scientists in the agricultural service discover a way to double the number of oranges produced by each orange tree.
These are the ones I am having trouble with. Thanks in advance.