Problem: Suppose you are the manager of a California winery...How would you expect the following events to affect the price you will receive for a bottle of wine?
1. price of comparable French wine decreases
2. 100 new wineries open in California
3. unemployment rate in the US decreases
d. price of cheese increases
4. due to new anti-shatter regulations enforced by the government the price of glass bottles increases
5. production costs can be decreased due to new wine making technology that has been discovered.
6. the price of wine vinegar (which is made from grape mash) increases
7. average age of consumers increases and older people drink less wine
I am essentially looking for any help with this problem in regards to potential formulas that could be used to help explain why and for more then just it will decrease or increase.