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Short-Run Elasticities of Supply for Milk

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  • Paul L. Kelley
  • Dale A. Knight

Abstract

One of the major criteria used to establish the level of prices in Federal Order Markets is the expected output response of producers. This paper is concerned with a method for estimating producer responses to short-run price changes of the so-called supply-demand adjustor type in these markets. The model used differs from many previous studies of output response by incorporating the usual production economics considerations within the marketing restraints of an existing Federal Order Market to provide a spatial supply response. With further aggregating procedures, the model appears to be a useful analytical device for appraising short-run pricing policies in these markets. Short-run price changes of the magnitude considered in this study induced extremely limited changes in output but substantial changes in producer incomes. These results seem to indicate that the policy goals of short-run pricing were not achieved in the Federal Order Market analyzed.

Suggested Citation

  • Paul L. Kelley & Dale A. Knight, 1965. "Short-Run Elasticities of Supply for Milk," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 47(1), pages 93-104.
    • Handle: RePEc:oup:ajagec:v:47:y:1965:i:1:p:93-104.
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    File URL: http://hdl.handle.net/10.2307/1236156
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    Cited by:

    1. Muhammad Akmal, 1994. "The Production and Consumption of Livestock Foods in Pakistan: A Look into the Future," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 33(1), pages 19-39.
    2. Eswaramoorthy, K., 1991. "U.S. livestock production and factor demand: a multiproduct dynamic dual approach," ISU General Staff Papers 1991010108000010523, Iowa State University, Department of Economics.

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