The wine-making industries of the Niagara Peninsula in Ontario, Canada, produce award-winning wines that are attracting global

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The wine-making industries of the Niagara Peninsula in Ontario, Canada, produce award-winning wines that are attracting global attention. However, it takes at least three years for new vines to produce grapes and five to six years for grapevines to begin producing a consistent, heavy crop of grapes. Discuss the relative sizes of the short-run and long-run elasticities of supply for wine from the Niagara region and some factors (land, environmental, legal) that might affect it.

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Microeconomics

ISBN: 9781292215624

8th Global Edition

Authors: Jeffrey Perloff

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