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Determinants of Supply Elasticity in Interdependent Markets

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  • Bruce L. Gardner

Abstract

This paper draws out the implications of equilibrium in a two-product, two-factor model for elasticity of product supply, which is found to depend upon input supply elasticities, alternative product demand elasticity, elasticity of substitution between production inputs, relative factor intensity of the product, and relative importance of the product in its use of resources. These factors interact in a complex manner to determine supply elasticity. The author discusses related approaches of Buse, Muth, and Powell and Gruen, and considers several simplified examples in an attempt to provide an intuitive grasp of the workings of the model.

Suggested Citation

  • Bruce L. Gardner, 1979. "Determinants of Supply Elasticity in Interdependent Markets," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 61(3), pages 463-475.
    • Handle: RePEc:oup:ajagec:v:61:y:1979:i:3:p:463-475.
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    File URL: http://hdl.handle.net/10.2307/1239432
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    Cited by:

    1. Ali Ferjani & Albert Zimmermann, 2013. "Estimating Agricultural Supply Response with the dynamic sectormodel SILAS-dyn," Journal of Socio-Economics in Agriculture (Until 2015: Yearbook of Socioeconomics in Agriculture), Swiss Society for Agricultural Economics and Rural Sociology, vol. 6(1), pages 155-176.
    2. Devadoss, Stephen & Gibson, Mark J. & Luckstead, Jeff, 2016. "The Impact of Agricultural Subsidies on the Corn Market with Farm Heterogeneity and Endogenous Entry and Exit," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 41(3), pages 1-20, September.
    3. Jean-Paul Chavas & Thomas L. Cox, 1997. "On Market Equilibrium Analysis," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(2), pages 500-513.
    4. Roman Keeney & Thomas W. Hertel, 2008. "U.S. Market Potential For Dried Distillers Grain With Solubles," Working Papers 08-13, Purdue University, College of Agriculture, Department of Agricultural Economics.
    5. Chen, Pei-Chi Peggy & McIntosh, Christopher, 1991. "The Impact of Chemical Restrictions on Agriculutral Output and Input Markets," WAEA/ WFEA Conference Archive (1929-1995) 321432, Western Agricultural Economics Association.
    6. Piggott, Roley R., 1992. "Some Old Truths Revisited," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 36(2), pages 1-24, August.
    7. Colman, David R., 1983. "A Review of the Arts of Supply Response Analysis," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 51(03), pages 1-30, December.
    8. Jean Paul CHAVAS & Thomas L. COX, 1996. "Abstract Of On Market Equilibrium Analysis," Staff Papers 393, University of Wisconsin Madison, AAE.
    9. Piggott, Roley R., 1992. "Some Old Truths Revisited," 1992 Conference (36th), February 10-13, 1992, Canberra, Australia 147251, Australian Agricultural and Resource Economics Society.
    10. Edwards, Clark, 1985. "U.S. Agriculture's Potential to Supply World Food Markets," Agricultural Economic Reports 307995, United States Department of Agriculture, Economic Research Service.
    11. Chavas, Jean-Paul & Shumway, C. Richard, 1982. "A Pooled Time-Series Cross-Section Analysis Of Land Prices," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 7(1), pages 1-12, July.
    12. Kinnucan, Henry W., 1997. "Middlemen behaviour and generic advertising rents in competitive interrelated industries," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 41(2), pages 1-17.
    13. Rickard, Bradley J. & Gonsalves, Jana L., 2008. "How would compliance with dietary recommendations affect revenues for agricultural producers?," Food Policy, Elsevier, vol. 33(5), pages 422-433, October.

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