I assume cows are mostly raised and slaughtered for their meat, with leather as just a sort of bonus. That would mean that the supply is extremely inelastic: fa

I assume cows are mostly raised and slaughtered for their meat, with leather as just a sort of bonus. That would mean that the supply is extremely inelastic: farmers won’t raise and slaughter noticeably fewer cows just because leather prices drop a lot, or more cows just because they jump a lot. That would imply that a small swing in demand could result in large changes in price.