According to the Australian Wool Innovation,severe Drought Conditions in Australia

question 206

Essay

According to the Australian Wool Innovation,severe drought conditions in Australia contributed to the lowest level of wool production in 50 years.This record low production has driven up prices sharply in Australian wool markets.Meanwhile,the price of raw cotton increased significantly for the first time in many years.
a.Illustrate this observation with one demand and supply graph for the market for Australian wool and another demand and supply graph for raw cotton.
b.Make sure that your graphs clearly show (1)the initial equilibrium before the decrease in the supply of Australian wool and (2)the final equilibrium.
c.Use arrows to indicate any shifts in the demand and supply curves for each market.
d.Label your graphs fully and write an explanation of your work.

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Definitions:

Centrality

The importance, prominence, or influence of a certain point or element within a network or system.

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Organized competitions of soccer (football) teams within specific regions or levels, ranging from amateur to professional play globally.

Tie strength

Describes the closeness and intimacy of relationships between individuals, ranging from weak ties like acquaintances to strong ties such as close family members.

Weak ties

Social connections that are not closely knit or emotionally close, but can provide valuable information and opportunities not available in one's immediate social circle.