Question

Supply & Demand

For the following, examine the market for fashionable black wool vests in Billings. Assess the
impact of any change on the market clearing price and quantity as well as upon well-being/social
coordination/social cooperation. If you examine additional markets, make sure to clearly
distinguish which markets you are considering. Do not build on your answers from one question
to another.

Make it easy for me to follow your logical
argument (i.e. use graphs and equations whenever possible).

1) An unknown disease strikes sheep herds around the word. A great number of sheep die
unexpectedly, decreasing the wool yield this year.

Answer 1