JWI 515 Indiana University Northwest Managerial Economics Worksheet

Table 1 below shows the schedule of demand and supply in the Market for Wine. Use this table to answer the following questions. Table 1 – Demand & Supply in the Market for Wine Market Price (??) Quantity Demanded (????) Quantity Supplied (????) 

Instructions: This problem set covers Chapter 2 in our textbook. Prepare a report that answers (and explains your answer where necessary) each question/part. If calculations are required for the solution, you must show/include the steps in your work. Graphs may be done either by hand or electronically.