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Suggested Procedures For Estimating Farm Machinery Costs For Extension Audiences

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  • Lazarus, William F.
  • Selley, Roger A.

Abstract

North Central Farm Machinery Task Force is a group of extension economists who evaluated alternative methods for estimating farm machinery costs and made recommendations for the development of extension materials. This paper describes the procedures agreed upon, and explains the rationale for the procedures chosen. The focus is on "typical" machinery costs for use in extension budgets and other analyses and examples. This paper also provides detailed documentation of the methods used in recent versions of the widely used Minnesota Farm Machinery Economic Cost Estimates publication (referred to below as "the Minnesota fact sheet"), focusing mainly on the 2000 version.

Suggested Citation

  • Lazarus, William F. & Selley, Roger A., 2001. "Suggested Procedures For Estimating Farm Machinery Costs For Extension Audiences," Staff Papers 14150, University of Minnesota, Department of Applied Economics.
    • Handle: RePEc:ags:umaesp:14150
    DOI: 10.22004/ag.econ.14150
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    References listed on IDEAS

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    1. Hallam, Arne & Eidman, V. E. & Morehart, M. & Klonsky, K., 1998. "Commodity Costs and Returns Estimation Handbook: A Report of the Aaea Task Force on Commodity Costs and Returns," Staff General Research Papers Archive 1315, Iowa State University, Department of Economics.
    2. Harrington, David H., 1983. "Costs and Returns: Economic and Accounting Concepts," Journal of Agricultural Economics Research, United States Department of Agriculture, Economic Research Service, vol. 35(4), pages 1-8, October.
    3. Hoffman, George & Gustafson, Cole, 1983. "A New Approach to Estimating Agricultural Costs of Production," Journal of Agricultural Economics Research, United States Department of Agriculture, Economic Research Service, vol. 35(4), pages 1-6, October.
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    Keywords

    Agricultural Finance; Farm Management;

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