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Empirical Estimates of Cost Functions for Mixed Feed Mills in the Midwest

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  • Phillips, Richard

Abstract

Plants in agricultural marketing and processing industries, generally speaking, function in an imperfectly competitive environment and therefore do not necessarily face perfectly elastic supply functions for inputs, or perfectly elastic demand functions for outputs. Relevant coefficients in cost functions of such firms often are dependent on supply as well as production coefficients. Indeed, in contrast to farm production, here the more interesting relationships may arise from price functions rather than production functions. Determination of reliable cost-function estimates under such conditions presents a real challenge to researchers. The accompanying discussion of the estimation of empirical cost functions in such firms is published as journal paper number J-2860 of the Iowa Agricultural Experiment Station, Ames, Iowa, project number 1224.

Suggested Citation

  • Phillips, Richard, 1956. "Empirical Estimates of Cost Functions for Mixed Feed Mills in the Midwest," Journal of Agricultural Economics Research, United States Department of Agriculture, Economic Research Service, vol. 8(1), pages 1-9, January.
    • Handle: RePEc:ags:uersja:144739
    DOI: 10.22004/ag.econ.144739
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    Citations

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    Cited by:

    1. Harrington, David Nobles, 1962. "Statistical analysis of corn storage costs: Iowa elevators," ISU General Staff Papers 196201010800003098, Iowa State University, Department of Economics.
    2. French, Ben C., 1977. "PART II. The Analysis of Productive Efficiency in Agricultural Marketing: Models, Methods, and Progress," AAEA Monographs, Agricultural and Applied Economics Association, number 337214, january.
    3. Warrack, Allan Alexander, 1967. "Location analysis of the Iowa feed manufacturing industry: least-cost alternatives," ISU General Staff Papers 196701010800004436, Iowa State University, Department of Economics.

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