Posted: January 12th, 2016
How much substitutability do you suppose exists between inputs in winemaking?
Read the article “What’s Behind the Bottle Price” and answer the following questions: (i) How much substitutability do you suppose exists between inputs in winemaking? How might this factor affect efforts to cut costs? (ii) If a firm was to find a new technology that cut the required ageing time in half, how would it affect the demand for other inputs?
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