Show the change in equilibrium price and quantity

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Draw a graph showing a supply and demand curve for wine. Indicate clearly the equilibrium price and quantity. Suppose that a lack of rain during the year has caused the grape harvest to be smaller than usual (grapes are an input for making wine). Show the effect of a small grape harvest on your market for wine, and clearly show the change in equilibrium price and quantity. Also, use a few sentences to describe the changes that take place.

Reference no: EM13773976

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