Supply Response in the U.S. Sheep Industry
1989
Whipple, Glen D. | Menkhaus, Dale J.
A dynamic supply model of the U.S. sheep industry is constructed. The model incorporates restrictions on fixed capital and the demographic characteristics of the breeding flock. The model is estimated using least squares techniques and simulated to generate a matrix of short‐ and intermediate‐run elasticity estimates. The estimates indicate that sheep supply is positively related to lamb price in the short run and the intermediate run (ten plus years), although inelastic in the short run. The supply response to wool price also is positive and quite elastic in the intermediate term. These results imply that both lamb and wool prices are important to the maintenance of the U.S. sheep industry.
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