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The Adjustment of Product and Factor Markets: An Application to the Pacific Northwest Forest Products Industry

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  • David E. Merrifield
  • Richard W. Haynes

Abstract

An equilibrium model of output and factor markets is used to calculate comparative static effects of demand and factor supply shifts on output and factor prices and employment in the Pacific Northwest forest products industry. The technological link between output and factor levels is provided through a three-input production function. Results over the 1950–76 sample period suggest that changes in product-to-factor price ratios and factor employment are a consequence of differing factor supply elasticities and that factor supply shifts have limited effect on output price and employment levels because of substitution possibilities occurring in the production process and marketplace.

Suggested Citation

  • David E. Merrifield & Richard W. Haynes, 1984. "The Adjustment of Product and Factor Markets: An Application to the Pacific Northwest Forest Products Industry," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 66(1), pages 79-87.
    • Handle: RePEc:oup:ajagec:v:66:y:1984:i:1:p:79-87.
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