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Price Elasticities and Joint Products

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  • James P. Houck

Abstract

The price elasticity of a commodity from which two or more joint products are obtained in fixed proportions is, in general, a weighted harmonic average of the price elasticities of the joint products. The weights are the proportions of the basic commodity's total value attributable to sales of each joint product. When marketing and processing margins are considered, the relationships among the elasticities of the joint products and the basic commodity are consistent with the traditional theory of derived demand. These relationships may be useful to price analysts and commodity specialists interested in joint product problems.

Suggested Citation

  • James P. Houck, 1964. "Price Elasticities and Joint Products," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 46(3), pages 652-656.
    • Handle: RePEc:oup:ajagec:v:46:y:1964:i:3:p:652-656.
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    File URL: http://hdl.handle.net/10.2307/1236448
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    Cited by:

    1. Shastitko, Andrey & Shastitko, Anastasia, 2015. "Markets of joint products: A theoretical model and policy implications," Russian Journal of Economics, Elsevier, vol. 1(2), pages 199-216.
    2. Chen, Wei & Marchant, Mary A. & Song, Baohui, 2009. "Impacts of China's Food Consumption on U.S. Soybean Exports," 2009 Annual Meeting, January 31-February 3, 2009, Atlanta, Georgia 46820, Southern Agricultural Economics Association.
    3. Hyberg, Bengt & Uri, Noel D. & Oliveira, Valencia, 1996. "The quality characteristics of Japanese soybean imports," Japan and the World Economy, Elsevier, vol. 8(1), pages 81-98, March.
    4. Zhang, Xufang & Sun, Changyou & Munn, Ian A. & Gordon, Jason, 2021. "How to protect the U.S. forest products industry from the perspective of trade? A comparison of policies within the forest supply chain," Forest Policy and Economics, Elsevier, vol. 133(C).
    5. Brester, Gary W. & Wohlgenant, Michael K., 1997. "Impacts Of Gatt/Uruguay Round Trade Negotiations On U.S. Beef And Cattle Prices," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 22(1), pages 1-12, July.
    6. Chen, Wei & Marchant, Mary A. & Muhammad, Andrew, 2010. "China’s Soybean Imports — Price Impacts using a Production System Approach," 2010 Annual Meeting, February 6-9, 2010, Orlando, Florida 56528, Southern Agricultural Economics Association.
    7. Zhang, Xufang & Haviarova, Eva & Zhou, Mo, 2020. "A welfare analysis of China's tariffs on U.S. hardwood products," Forest Policy and Economics, Elsevier, vol. 113(C).

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