Extension
Date of this Version
4-1970
Document Type
Article
Citation
Helmers, G.A. and Lagrone, W.F. (1970) Wheat and feed grains in the Great Plains and Northwest: supply response and resource use (Research Bulletin: Bulletin of the Agricultural Experiment Station of Nebraska No. 236)
Abstract
The basic objective of the research reported here is to estimate supply response with varying product prices for wheat and feed grains. Within a framework of representative farm income maximization, changing product price relationships lead to supply adjustments which are aggregated and expressed as normative supply functions. Another objective is to analyze the resource use and net returns with varying prices for wheat and feed grains. The analysis of resources considers changes in overall levels of resources demanded in response to changing wheat and feed grain prices. Similarly, the analysis of net returns examines differences in net returns in response to changing product prices. Another purpose of the research reported here is for use in studying comparative production advantage and probable trends. Area differences in supply functions and adjustment paths lead to implications regarding the changing production structure of the Great Plains and Northwest. The broad area of governmental policy and programs is heavily dependent upon supply analyses of this nature.
Comments
ISSN 0097-1567
Great Plains Agricultural Council Publication No. 37