Aggregate food demand and the supply of agricultural products
U.S. Dept. of Agriculture, Economics and Statistics Service, 1981 - Food industry and trade - 18 pages
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$1 increase 1-percent increase aggregate food demand aggregate supply agricultural product supply agricultural sector analysts Apparel Price Consumer Price Index Consumption q CPI for apparel deflated demand for food demand functions demand systems derived demand equation disposable income endogenous variables estimate aggregate exogenous expected prices F test farm level food and agricultural food and apparel food consumption food CPI food prices Girshick and Haavelmo Griliches Hence HOMOGENEITY AND PROPERTIES hypothesis income elasticities increase in prices index of prices least squares lengthy time series linear approximate mean sample level medium-range forecasts model specification Nerlove Nerlove's null hypothesis paid by farmers parameters Percent Phlips price and income price inelastic Price pt Prices received rt Production xt profit maximization ratio of prices rational expectations real income received by farmers received to prices simple aggregate models STRUCTURAL HOMOGENEITY studies supply functions supply of agricultural test statistics Tweeten and Quance U.S. Department