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Determinants of Supply Elasticity in Interdependent Markets
- Source :
- American Journal of Agricultural Economics. 61:463-475
- Publication Year :
- 1979
- Publisher :
- Wiley, 1979.
-
Abstract
- This paper draws out the implications of equilibrium in a two-product, two-factor model for elasticity of product supply, which is found to depend upon input supply elasticities, alternative product demand elasticity, elasticity of substitution between production inputs, relative factor intensity of the product, and relative importance of the product in its use of resources. These factors interact in a complex manner to determine supply elasticity. The author discusses related approaches of Buse, Muth, and Powell and Gruen, and considers several simplified examples in an attempt to provide an intuitive grasp of the workings of the model.
- Subjects :
- Price elasticity of demand
Economics and Econometrics
Elasticity of substitution
media_common.quotation_subject
GRASP
Price elasticity of supply
Agricultural and Biological Sciences (miscellaneous)
Microeconomics
Interdependence
Product demand
Wealth elasticity of demand
Economics
Elasticity (economics)
media_common
Subjects
Details
- ISSN :
- 14678276 and 00029092
- Volume :
- 61
- Database :
- OpenAIRE
- Journal :
- American Journal of Agricultural Economics
- Accession number :
- edsair.doi.dedup.....c9bd0b59eda30135cdec13ce40010f67