Fiberglass cloth comes in a big variety of weights, widths and costs. A "yard" of fiberglass rarely is actually nine square feet. For instance at
RAKA fiberglass cloth may be as narrow as 24" (6 actual sq. ft. per "yard") or as wide as 60" (15 actual sq. ft. per "yard") per "yard". The yard you'd pay for (the price) is sold by its length not its width. What I'm trying to say is that lighter weight fiberglass cloth often costs considerably less than $7 per (nine square feet) yard.
I bought all of the fiberglass cloth I used for my teardrop from
RAKA and was very pleased with its quality, cost and their service.
I also bought
discounted carbon fiber fabric from uscomposits.com and was pleased with its quality, cost and their service. They sell a wide variety of fiberglass cloth as well as other kinds of cloth.

A general rule of thumb is that for each actual square yard (9 sq. ft.) of fiberglass cloth you'll need to use an equal number of (liquid) ounces of epoxy as the nominal weight of the cloth. As a beginner doing hand layup you may as much as 50% more epoxy than the ideal 1:1 ratio.
For instance for 4 oz. cloth you'd use about 4 oz. of epoxy. For 6 oz. cloth you'd use about 6 oz. of epoxy.
4 oz. or 6 oz. fiberglass cloth and epoxy would strengthen/reinforce plywood to prevent checking and and help water proof the plywood.
Edit: Corrected ideal ratio of weight of fiberglass cloth used to the ounces of epoxy used to a 1:1 ratio and corrected that a yard of 24" wide fiberglass has 6 (not 4) sq. ft. of cloth. Thanks KC for finding my errors so I could correct them!The Fundamentals of Fiberglass would be very good reading for anyone considering fiberglassing a teardrop.
The heavier the fabric, the more resin it will take to wet it out. A good hand laminate consists of about 50% fabric and 50% resin by weight. For example, if an application requires 3 square yards of a 4 ounce-per-square-yard fabric (total fabric weight is 12 ounces), 12 ounces of resin will be needed. However, if 3 yards of 10 ounce-per-square-yard fabric is chosen (total fabric weight is 30 ounces), 30 ounces of resin will be needed.