@article{Davidson:9562,
      recid = {9562},
      author = {Davidson, Bruce Robinson},
      title = {The Relationship Between the Price of Wool and the  Relative Profitability of Sheep and Cattle Grazing in  Australia and its Possible Effect on the Future Supplies of  Wool and Beef},
      journal = {Review of Marketing and Agricultural Economics},
      address = {1973-03},
      number = {430-2016-31347},
      pages = {17},
      year = {1973},
      abstract = {An estimate of the long term elasticity of supply for  Australian wool has been made by establishing the price of  wool at which 457 farms in the BAE Sheep Industry Survey  (1964-5 to 1965-6) would find beef production more  profitable than producing sheep and wool. The calculation  suggests that the long term elasticity of supply would be  of the order of 1'7 to 2'5 depending on the year on which  the calculation is based. 
The elasticities established in  this way were used to estimate the long term supply of  Australian wool assuming that the wool industry was exposed  to prices similar to those prevailing in 1969-71 over a  long period of time. 
If future wool prices are of the  order of 35 to 40 cents per Ib, Australian wool production  might decline by between 35 to 80 per cent and cattle  numbers might increase by between 30 and 70 per cent at  constant beef prices.},
      url = {http://ageconsearch.umn.edu/record/9562},
      doi = {https://doi.org/10.22004/ag.econ.9562},
}