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Quantifying The Effects Of New Product Development: The Case Of Low-Fat Ground Beef

  • Brester, Gary W.
  • Lhermite, Pascale
  • Goodwin, Barry K.
  • Hunt, Melvin C.

Low-fat ground beef (LFGB) is a new product designed to be as palatable as beef products that contain significantly higher levels of fat. A hedonic model shows that each unitary increase in the leanness of ground beef products carries a price premium of $.0206/lb. If LFGB garners a 10% share of the ground beef market, the retail price of all ground beef products will increase by $.01/lb. and consumption will increase by 39.75 million lbs. The price of commercial cows will increase by $.56/cwt. Price quantity, and welfare measures are magnified as the market share captured by LFGB increases.

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Article provided by Western Agricultural Economics Association in its journal Journal of Agricultural and Resource Economics.

Volume (Year): 18 (1993)
Issue (Month): 02 (December)

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Handle: RePEc:ags:jlaare:30958
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  1. Schroeter, John R., 1988. "Estimating the Degree of Market Power in the Beef Packing Industry," Staff General Research Papers 11114, Iowa State University, Department of Economics.
  2. Ospina, Enrique & Shumway, C. Richard, 1979. "Disaggregated Analysis Of Short-Run Beef Supply Response," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 4(02), December.
  3. Harp, Harry H., 1980. "The Food Marketing Cost Index: A New Measure for Analyzing Food Price Changes," Technical Bulletins 157677, United States Department of Agriculture, Economic Research Service.
  4. Godfrey, L G, 1976. "Testing for Serial Correlation in Dynamic Simultaneous Equation Models," Econometrica, Econometric Society, vol. 44(5), pages 1077-84, September.
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