By William G. Tomek, Harry M. Kaiser
Published constantly considering 1972, Agricultural Product Prices has turn into the normal textbook and reference paintings for college students in agricultural and utilized economics, purchasers and dealers of commodities, and policymakers, truly explaining conceptual and empirical types acceptable to agricultural product markets. the recent 5th version makes use of up to date details and types to give an explanation for the habit of agricultural product costs. issues comprise expense changes over marketplace degrees (marketing margins), rate ameliorations over area (regionally and the world over) and by way of caliber attributes, and cost variability with the passage of time (seasonal and cyclical adaptations, tendencies, and random behavior).
William G. Tomek and Harry M. Kaiser evaluate and adapt microeconomic ideas to the features of agricultural commodity markets after which observe those rules to a few of the dimensions of expense habit. in addition they offer an in-depth dialogue of costs tested for futures contracts and their dating to funds (spot) industry costs; hide the influential roles of fee discovery associations, akin to auctions and negotiated contracts, and govt regulations regulating exchange and farms; and talk about the specification, use, and evaluate of empirical types of agricultural costs, putting emphasis at the demanding situations of doing top quality, worthy analyses and reading results.
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Additional info for Agricultural Product Prices
The concept of derived demand has broad applications. As we will see in Chapter 4, the demands for inputs used in farming, such as seed, fertilizer, and land, are derived from the demand for the commodities which farmers produce. The demand for a retail product, like that for a farm commodity, may be viewed as derived from the demand for its characteristics (Lancaster 1971). For example, a feed manufacturer wants to know the least-cost set of ingredients to make, say, a dairy feed with a particular protein, energy, and fiber content.
Estimated expenditure elasticities by household income level, United States, 1965. Elasticities are computed from coefficients presented by Salathe and Buse (1979: table 3) are likely to buy products of higher quality and with more services attached than are consumers with low incomes. These higher-quality products, with more services, usually cost more. Thus, the expenditure change in response to an income change includes a quality-service effect as well as a quantity effect. Estimated expenditure elasticities for two commodity groups plus total food are plotted against household income in Figure 3-2.
The income-quantity relationship, of course, can be expressed algebraically. As indicated in Chapter 2, this relation is sometimes called a consumption, or Engel, function. The income elasticity is defined as a point on the function and typically varies along the range of the curve. 34 Principles of Price Determination Let Y equal income and d equal a small change; then the definition of income elasticity at a point is Eiy = (dQi /Qi ) / (dY /Y ) = (dQi /dY )(Y /Qi ). Also, if the consumption function is Qi = f(Y), dQi/dY is the first derivative of Qi with respect to Y.