Premium
THE PROBLEM OF THE SIZE OF THE MILK INDUSTRY IN THE UNITED KINGDOM
Author(s) -
Williams R. E.
Publication year - 1971
Publication title -
journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.157
H-Index - 61
eISSN - 1477-9552
pISSN - 0021-857X
DOI - 10.1111/j.1477-9552.1971.tb01398.x
Subject(s) - trough (economics) , seasonality , variance (accounting) , economics , government (linguistics) , market size , econometrics , agricultural economics , mathematics , statistics , macroeconomics , accounting , international economics , linguistics , philosophy
The Paper seeks first of all to examine statistically the “desirable size” of milk production in the U. K. under the policy laid down by Government of confining the industry to a narrowly defined liquid market. A basis analysis of trends and seasonality in monthly milk output is presented demonstrating the changes in seasonality over the years and its irregular variations. An analysis of variance of liquid sales and total output between weeks in the trough months forms the basis for calculating liquid trough requirements over and above average daily sales. From the trough requirement an annual requirement is calculated from the trend analysis suggesting a need for 2,285‐2,416 m. g. to satisfy the market in all circumstances. Finally, certain major assumptions of the analysis which themselves are considered topics for further research are spelt out and some consideration given to the concept of the desirable size of industry itself