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PRINCIPLES OF PRICE DETERMINATION
Supply Relationships in Agriculture
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alternative analysis assumed average beef buyers cash price cent change in price Chapter cobweb model coefficients competitive computed consumers consumption crop cross elasticities cycle decline deflated delivery month demand and supply demand curve demand function derived demand determined economic effect elasticity of demand equation equilibrium price estimates example export factors Farm Econ farm prices farm products farmers firms forecast futures contracts futures markets futures prices grades hedging hence important income effect income elasticities increase independent variables index numbers inelastic influence inventories lagged mand marginal cost marginal revenue marketing margins observations output period pork price and quantity price changes price differences price discrimination price elasticity price of storage price relationships programs regions relative result retail price seasonal sell sellers shifts short run slope soybeans specific speculators statistical substitutes sumers supply and demand supply curve supply function tion trading transfer costs Trelogan USDA wheat