This study estimates shortrun and longrun elasticities for agricultural inputs, along with elasticities of substitution, using a theoretically consistent restricted profit function and a series of decomposition equations. The model is also disaggregated on the input side, uses a flexible...

Quarterly and monthly three-equation models designed to predict (a) wholesale cash prices for fresh pork bellies at Chicago, (b) quarterly consumption, and (c) end-of-quarter stocks were developed and fitted, based on data for 1957-71. The major methodological contribution was a...

The economic concept of constant returns to scale (CRS) may be too restrictive to give an accurate description of the agricultural sector. CRS assumes that a change in the level of agricultural production yields an equivalent change in the level of all inputs (such as farm machinery, labor,...