Instruction 14-8
the Number of Cases of Merlot Wine Sold

question 75

Essay

Instruction 14-8
The number of cases of merlot wine sold by a Barossa Valley Winery in an eight-year period follows.
$\begin{array}{cc}\text { Year } & \text { Cases of } \\& \text { Wine } \\2003 & 270 \\2004 & 356 \\2005 & 398 \\2006 & 456 \\2007 & 358 \\2008 & 500 \\2009 & 410 \\2010 & 376\end{array}$

-Referring to Instruction 14-8,construct a centred three-year moving average for the wine sales.

Understand the concepts of Nash equilibrium, dominant strategy, and sequential games within the context of oligopoly.

Describe how the structure of an oligopoly affects the elasticity of demand faced by the firms.

Recognize the importance of entry barriers in preserving oligopolistic market structures.

Understand the characteristics and implications of oligopoly market structures.

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