Demand and supply in action - Cost of cashmere set to rise
Thursday, February 03, 2011
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You probably don’t realise it but some of your clothes, perhaps a coat, jumper or cardigan has cashmere in it. Cashmere is a very soft yarn used to make some clothing. It comes from the goats in Mongolia. Unfortunately there has been an especially cold, harsh winter in Mongolia.
This has sadly wiped out a quarter of all wool producing goats in the country. This has caused the supply of cashmere to fall (supply curve shifts to the left), and therefore the price of cashmere is likely to rise by as much as 40%. This will then have a knock on effect on the price of items made with cashmere, coats and jumpers from shops like Marks & Spencer and Burberry. Your students could use this article as a data response to help them draw and explain a demand and supply diagram showing the effect on the price and quantity of cashmere.
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