CHANGES IN THE ELASTICITY OF DEMAND FOR FRESH CHOICE BEEF, 1950-1978

This study used least squares regression techniques to estimate the demand for fresh choice beef in the U.S., 1950-1978. From the demand equation, estimates of price, income and cross elasticity of demand were derived. An objective was to determine if elasticity of demand has been decreasing. Problems with pooling of data, serial correlation and multicollinearity were dealt with. Estimated price elasticity of demand was found to be - .62. When this figure was compared to results of other studies (with the consideration that different estimating techniques and time periods were used) it was judged that elasticity of demand for fresh choice beef in the U.S. probably had declined between 1950 and 1978.


Issue Date:
1980-04
Publication Type:
Journal Article
PURL Identifier:
http://purl.umn.edu/159444
Published in:
Journal of the Northeastern Agricultural Economics Council, Volume 09, Number 1
Journal of the Northeastern Agricultural Economics Council
Page range:
63-65
Total Pages:
3




 Record created 2017-04-01, last modified 2017-08-22

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