PRICE ELASTICITY OF SUPPLY OF BOTTLED QUALITY WHITE WINE IN THE CZECH REPUBLIC

Abstract

This paper is focused on the supply of the Czech producers of bottled quality white wine.Namely, a dependence of their sales of this wine category on the market price of bottled quality white wine was examined.Monthly data from the CZSO and SZIF database, years 2004-2012, were used for the price-supply analysis.Price-supply reactions of the Czech wine producers were investigated through two-stage cointegration method developed by Engle and Granger.Short-term and long-term price elasticity of studied market supply was based on the error correction model designed and statistically verified by the authors.

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