A few years ago in Northern California wildfires destroyed many vineyards. The market for wine was affected not only at the wholesale level but also at the retail level. Wine drinkers had to adjust their drinking habits. The state of Washington is also another major producer of wine. For each of the following questions use supply and demand analysis Use a graph to illustrate each of your answer. How did the wild fires affect price and quantity in the market for wine at the wholesale level? How did the wild fires affect price and quantity in the market for wine at the retail level? How did the wild fires affect price and quantity in the market for wine originating in the state of Washington ? Given your answer to part B), what do you think would happen to price and quantity in the market for cheese (assume wine and cheese are complimentary goods) ?

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Price Ceilings and Price Floors

Price Ceilings and Price Floors strategy is used by the Government to control the prices of certain goods and services in the market. This method helps the Government to protect the interests of both buyers and suppliers in difficult economic times.