Unit 1: Prices for sacrificial animals rise ahead of Eid Al Adha

I was sat waiting for my car to registered yesterday and I came across this article which highlights how restricting supply so farmers can react to the increased demand is a good way to increase revenue and profits.

Questions:






Draw a supply & demand diagram to show how the Eid break affects prices.

What does the article suggest about the price elasticity of demand for Sheep during Eid?

What does the article suggest about the price elasticity of supply of sheep during Eid?

I would expect students to comment on this blog.....and comment on the comments!

I look forward to hearing from you.

Mr Bentley