00 points NEWS WIRE PRICE FIRKING German Brewers Fined Over Price-Fixing BERLIN

Question

00 points NEWS WIRE PRICE FIRKING German Brewers Fined Over Price-Fixing BERLIN (AP)- German antitrust authorities have fined a group of beer brewers a total of 106.5 million euros ($145 million) for illegal price-fixing between 2006 and 2008. The Federal Cartel Office said Monday that the companies fixed price increases for draft and bottled beer. Five firms were fined - Bitburger, Krombacher, Veltins, Warsteiner and Barre- along with seven people deemed to be "personally responsible." Cartel office chief Andreas Mundt said the breweries involved, some of Germany's most prominent, agreed to raise draft beer prices in 2006 and again in 2008 by between 5 and 7 euros ($6.8-59.5) per 100 liters (26.4 gallons). In 2008, they agreed to hike the price of a 20-bottle case of beer by 1 euro. Mundt said in a statement that the price-fixing was based "largely on purely personal and telephone contacts." Source: Associated Press, January 13, 2014 If a euro is worth $1.20, by how much did the price-fixing scheme by German brewers increase the price of a bottle of beer in 2008? increase per bottle of beer References

Explanation / Answer

Solution: Price of 20 bottle case of beer was raised by 1 euro which is equal to $1.2.

Hence price hike per bottle $1.2/20 = $0.6

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