A Certain Wine Costs $3 a Bottle to Produce

question 8

Multiple Choice

A certain wine costs $3 a bottle to produce.It improves in taste if stored properly for a period of time.When it is newly bottled, people are willing to pay only $2 a bottle to drink it.But the amount that people are willing to pay to drink a bottle of this wine will rise by $3 a year for the next 50 years.Storage costs, not including interest, are $.50 per year.If the interest rate is 5% and the wine is kept by rational investors, how old will it be when it is drunk and what will be its price at that time?

• A)50 years old and $152
• B)16 years old and $50
• C)50 years old and $153
• D)20 years old and $63
• E)4 years old and $14

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Definitions:

Arbitration

A form of dispute resolution where an independent third party makes a binding decision to resolve a disagreement between parties.

Labour Relations Practitioners

Professionals who manage the relationship between employers and employees, including negotiations, contracts, and workplace disputes.

Unacceptable Solutions

Proposed resolutions to problems that are deemed insufficient, inappropriate, or ineffective by stakeholders.

Biased

Refers to an unfair tendency or prejudice towards certain ideas, groups, or individuals which can affect decision-making processes.