A sheep illness reduces the number of fleeces available to blanket makers. At the same time, forecasts of a colder winter lead more consumers to plan to buy wool blankets. Table 1 shows weekly market plans at a price of £25 per blanket, before and after these changes.
| Weekly market plans at £25 per blanket | Before the changes | After the changes |
|---|---|---|
| Quantity demanded | 600 blankets | 800 blankets |
| Quantity supplied | 700 blankets | 500 blankets |
Analyse how the sheep illness and the expectation of colder weather could alter the price and quantity of wool blankets traded. Support your analysis with evidence from Table 1.
236 exam-style questions on AQA GCSE Economics 1.3 How prices are determined, covering 1.3.1a Demand and the factors that influence it, 1.3.1b The demand curve, 1.3.2a Supply and the factors that influence it, 1.3.2b The supply curve, 1.3.3a Determining equilibrium price, 1.3.3b Applying diagrams and showing revenue, 1.3.4a Complements and substitutes, 1.3.4b Effects of changes on related markets, 1.3.5a Price elasticity of demand, 1.3.5b Factors affecting price elasticity of demand, 1.3.5c Measuring PED and its implications, 1.3.6a Price elasticity of supply, 1.3.6b Factors affecting price elasticity of supply, and 1.3.6c Measuring PES and its implications. Each one has a worked solution and a mark scheme showing where the marks go.