An All-Elasticity Approach to Factor Demand and Output Supply

James P. Houck

Review of Agricultural Economics, 1989, vol. 11, issue 1, 75-81

Abstract: Using production elasticities as the basis of discussion, this paper develops direct and cross price elasticity relations among the demand functions for inputs at any point on a production surface. The relevant price elasticities of both input demand and output supply are shown to be simple functions of production elasticities. These relations provide numerous specific testable hypotheses. They can be used by analysts for plausible inferences about unknown coefficients when incomplete data or only partial information are available. Finally, these ideas can be helpful in the classroom when it is desirable to illustrate parallels between consumption economics and supply analysis.

Date: 1989
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