Unit 1: The price of champagne

Thanks to tutor2u for this Daily Mail article

http://www.dailymail.co.uk/news/article-1219016/Champagne-fall-10-bottle-price-plummets-recession.html

The same story is also in the Times

http://www.timesonline.co.uk/tol/news/world/article6867031.ece

a) Using a S&D diagram, explain what has happened to the demand for campagne and the resulting changes in the market
b) Draw another diagram to show the effect of the smaller harvest next year and explain the resulting changes in the market