THE ELASTICITY OF AGGREGATE AUSTRALIAN AGRICULTURAL SUPPLY: ESTIMATES AND POLICY IMPLICATIONS

Sushil Pandey, Roley R. Piggott and T. Gordon MacAulay

Australian Journal of Agricultural Economics, 1982, vol. 26, issue 3, 18

Abstract: Annual time series data for the period 1950-51 through 1975-76 are used to estimate the price elasticity of aggregate Australian agricultural supply using two methods. The short-run elasticity is estimated to be highly inelastic but it has been increasing through time. The preferred estimate of the long-run elasticity is in the relatively inelastic range and it has also been increasing through time. Some implications of these results for intersectoral resource flows and compensatory assistance, the cost-price squeeze, the effects of the mineral boom and monetary policy are discussed.

Keywords: Demand; and; Price; Analysis (search for similar items in EconPapers)
Date: 1982
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:ags:ajaeau:22705

DOI: 10.22004/ag.econ.22705

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