Chapter 4-28.docx - companies reduced their fleets by 20 to 30 percent As a result the inventory of used cars increased sharply and resulted in price

Chapter 4-28.docx - companies reduced their fleets by 20 to...

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companies reduced their fleets by 20 to 30 percent. As a result the inventory of used cars increased sharply and resulted in price decreases of 10 percent and even as much as 20 percent. 68 (Try to draw demand and supply curves for new cars and used cars to illustrate this situation.) The French Wine Industry Over the past several years, the French wine industry has been suffering. From 1999 to 2000 alone, exports of French wines dropped 5.4 percent, and millions of liters of unsold wine were accumulating in French cellars. France’s market share in the United States has dropped from 7 percent to 5 percent in 3 years. During this period, sales of producers in California, Australia, and Chile have been rising sharply in the world’s important markets of North America, Northern Europe, and Asia. What are the major reasons for this shift in demand from the world’s leading wine producers to a group of upstarts in the rest of the world? According to a recent article there are several: 69 1. French vintners are restricted by the government as to the types of grapes that can be produced in a particular region, and how they are cultivated.
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