A Simplified Approach to Adjustment Analysis Applied to Wheat Producing Areas in the Western States
1964
Sobering, Fred D. | Tweeten, Luther G.
This paper develops a measure that serves as an indicator of the pressure that farmers in an area face in adjusting farm size as the price of a commodity changes. The same numerical index can be related to efficiency of land retirement programs, impact on nonfarm firm sales with respect to agricultural product prices, and land price adjustments. Wheat production costs, yields, and prices by regions in the Great Plains and western states are used as a vehicle to illustrate the adjustment index in a simple one crop economy model. No attempt is made in this paper to include all feasible crop and/or livestock alternatives. Conceivably this type of model, with the use of an area composite acre cost, production and price concept, could be adapted for interarea measurement of relevant adjustment pressures in a multi‐crop‐livestock economy.
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