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Changes In The Elasticity Of Demand For Fresh Choice Beef, 1950-1978

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  • Nicholls, Albert W.
  • Kuehn, John P.

Abstract

This study used least squares regression techniques to estimate the demand for fresh choice beef in the U.S., 1950-1978. From the demand equation, estimates of price, income and cross elasticity of demand were derived. An objective was to determine if elasticity of demand has been decreasing. Problems with pooling of data, serial correlation and multicollinearity were dealt with. Estimated price elasticity of demand was found to be - .62. When this figure was compared to results of other studies (with the consideration that different estimating techniques and time periods were used) it was judged that elasticity of demand for fresh choice beef in the U.S. probably had declined between 1950 and 1978.

Suggested Citation

  • Nicholls, Albert W. & Kuehn, John P., 1980. "Changes In The Elasticity Of Demand For Fresh Choice Beef, 1950-1978," Journal of the Northeastern Agricultural Economics Council, Northeastern Agricultural and Resource Economics Association, vol. 9(1), pages 1-3, April.
    • Handle: RePEc:ags:nareaj:159444
    DOI: 10.22004/ag.econ.159444
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    References listed on IDEAS

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    1. Waugh, Frederick V., 1964. "Demand and Price Analysis: Some Examples from Agriculture," Technical Bulletins 171213, United States Department of Agriculture, Economic Research Service.
    2. Breimyer, Harold F., 1961. "Demand and Prices for Meat, Factors Influencing Their Historical Development," Technical Bulletins 170866, United States Department of Agriculture, Economic Research Service.
    3. Fox, Karl A., 1953. "The Analysis of Demand for Farm Products," Technical Bulletins 156646, United States Department of Agriculture, Economic Research Service.
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