Impact of Wage Rates On Optimal Machinery Complements

Darrel D. Kletke and Steven C. Griffin

No 283618, 1977 AAEA-WAEA Joint Meeting, July 31-August 3, San Diego, California from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)

Abstract: The complex problem of choosing optimum machinery complements is approached using mixed integer linear programming. Wage rates and farm size are varied with the resulting optimal complements compared. Higher wage rates cause capital to be substituted for labor and it is evident that machinery costs per acre decrease as farm size is increased.

Keywords: Farm; Management (search for similar items in EconPapers)
Pages: 15
Date: 1977-07
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea77:283618

DOI: 10.22004/ag.econ.283618

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