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DERIVED DEMAND FOR WHEAT BY CLASS

Justin J. Terry and Thomas Marsh

No 36457, 2000 Annual Meeting, June 29-July 1, 2000, Vancouver, British Columbia from Western Agricultural Economics Association

Abstract: To quantify price responsiveness and economic substitutability among wheat classes, derived demand functions were specified from a normalized quadratic profit function. Own-price and cross-price elasticities were estimated for hard red winter, hard red spring, soft wheat (combined red and white), and durum wheat. In general, soft wheat varieties were less responsive to their own price than were hard wheat varieties. Cross-price elasticities indicate that hard red winter wheat, hard red spring wheat, and soft wheat varieties are economic substitutes. Cross-price elasticities are different from those previously reported, which can have important policy implications.

Keywords: Crop Production/Industries; Demand and Price Analysis (search for similar items in EconPapers)
Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:ags:waeava:36457

DOI: 10.22004/ag.econ.36457

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