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Demand for Agricultural Products
Demand Elasticities and Related Coefficients
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agricultural alternative analysis assumed average basis beef behavior bushel cash prices ceteris paribus change in price Chapter cobweb model coefficients commodities competitive consumers consumption crop decline decrease deflated demand and supply demand curve demand function dependent variable determined economic effect empirical equation equilibrium price estimates example export factors farm prices farm products farmers Figure firms forecast forward contracts futures contracts futures markets futures prices grades grain hedging important income income effect increase index numbers inelastic influence input inventories lagged livestock marginal revenue marketing margin measure multicollinearity option output period pork premium price changes price differences price elasticity product prices profits programs purchase put option quantity ratio regions relative result retail price risk seasonal sell shifts short run slope soybean specific speculative statistical storage strike price substitutes supply and demand supply curve supply function supply schedules tion trade transfer costs United USDA wheat