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Changes in Price Elasticities of Demand for Beef, Pork, and Broilers

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  • William G. Tomek

Abstract

The hypothesis that the demands for beef, pork, and broilers in the United States have become less elastic through time is examined. The slopes of the estimated demand relations (linear in arithmetic values) were flatter in period 2 (1956–1964) than in period 1 (1949–1956) for all three commodities. However, elasticities computed at the mean level of observations for each period differ not only because of changes in the slope and the level of the demand curve, but also because of changes in supply (hence movements along a demand curve). For beef and broilers, changes in demand were apparently more than offset by changes in supply in the period of analysis. Therefore, elasticities computed at the mean level of observations are less elastic in period 2. The estimated price elasticities for the most recent period are —.9 for beef and pork and —2.3 for broilers.

Suggested Citation

  • William G. Tomek, 1965. "Changes in Price Elasticities of Demand for Beef, Pork, and Broilers," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 47(3), pages 793-802.
    • Handle: RePEc:oup:ajagec:v:47:y:1965:i:3:p:793-802.
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    File URL: http://hdl.handle.net/10.2307/1236289
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    Citations

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    Cited by:

    1. Cornell, Laurence D. & Sorenson, Vernon L., 1986. "Implications of Structural Change in U.S. Demand for Meat on U.S. Livestock and Grain Markets," Agricultural Economic Report Series 201355, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    2. Houtsma, John J., 1970. "The Effects of Imports on United States Groundfish Prices," File Manuscripts, United States National Marine Fisheries Service, Economic Research Division, number 233635.
    3. Tey, (John) Yeong-Sheng & Shamsudin, Mad Nasir & Mohamed, Zainalabidin & Abdullah, Amin Mahir & Radam, Alias, 2008. "Demand for beef in Malaysia: Quality or Quantity?," MPRA Paper 15035, University Library of Munich, Germany.
    4. Poitras, Geoffrey, 2023. "Cobweb Theory, Market Stability, And Price Expectations," Journal of the History of Economic Thought, Cambridge University Press, vol. 45(1), pages 137-161, March.
    5. Guijing WANG & Stanley M. FLETCHER & Dale H. CARLEY, "undated". "Determinants Of Demand For Beef: The Impact Of Fat Trimming," Department of Resource Economics Regional Research Project 95412, University of Massachusetts.
    6. Probst, Joel Keith, 1982. "Monthly cattle supply and price forecasting models," ISU General Staff Papers 1982010108000018043, Iowa State University, Department of Economics.
    7. Buse, Rueben C. & Cox, Thomas L., 1986. "A Conceptual Model For Analyzing The Changing Structure Of Food Demand," 1986 Annual Meeting, July 27-30, Reno, Nevada 278485, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    8. Huang, Chung L., 1979. "Estimating U.S. Demand For Meat With A Flexible Functional Form," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 11(2), pages 1-4, December.
    9. Tomek, William G. & Robinson, Kenneth L., 1977. "PART V. Agricultural Price Analysis and Outlook," AAEA Monographs, Agricultural and Applied Economics Association, number 337217, january.
    10. Menkhaus, Dale J. & St. Clair, James S. & Hallingbye, Stig, 1985. "A Reexamination Of Consumer Buying Behavior For Beef, Pork, And Chicken," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 10(1), pages 1-10, July.
    11. Houck, James P., 1974. "The Short-Run Impact Of Beef Imports On U.S. Meat Prices," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 18(1), pages 1-13, April.

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