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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In the context of the winemaking industries of the Niagara Peninsula in Ontario Canada its essential to understand the relative sizes of shortrun and longrun elasticities of supply for wine from this ...View the full answer
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