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A MICRO‐ECONOMIC APPROACH TO THE ANALYSIS OF SUPPLY RESPONSE IN BRITISH AGRICULTURE
Author(s) -
Davey B. H.,
Weightman P. W. H.
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.tb01417.x
Subject(s) - agriculture , aggregate supply , work (physics) , aggregate (composite) , economics , aggregate data , time series , labour supply , agricultural economics , econometrics , series (stratigraphy) , aggregate demand , macroeconomics , microeconomics , statistics , mathematics , geography , engineering , mechanical engineering , monetary policy , paleontology , materials science , archaeology , biology , composite material
Most of the work undertaken on the estimation of supply response in U. K. agriculture has been based on the analysis of time‐series data. However, there are a number of problems associated with an analysis of aggregate supply response for British agriculture based on time‐series analysis alone. This paper reports on an alternative supply response model being developed at Newcastle in which estimates of aggregate supply levels are built up from optimal programmes for a set of representative farms.