A Review of An Economic Article

The article “Understanding the Law of Demand” was published in the wine business monthly. It discusses that how demand analysis can be utilized by the winemakers, which can lead to more profitable decision-making. The authors gave the reference of the Kendall-Jackson Wine Estates, who raised the price of its Chardonnay, based on the law of demand, which caused them to reduce the production of the cases. Demand analysis tells that how many units should be produced to maintain a price. It also predicts the revenue if price changed.

In the wine industry context, the law of ...