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Supply Response in the U.S. Sheep Industry

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  • Glen D. Whipple
  • Dale J. Menkhaus

Abstract

A dynamic supply model of the U.S. sheep industry is constructed. The model incorporates restrictions on fixed capital and the demographic characteristics of the breeding flock. The model is estimated using least squares techniques and simulated to generate a matrix of short- and intermediate-run elasticity estimates. The estimates indicate that sheep supply is positively related to lamb price in the short run and the intermediate run (ten plus years), although inelastic in the short run. The supply response to wool price also is positive and quite elastic in the intermediate term. These results imply that both lamb and wool prices are important to the maintenance of the U.S. sheep industry.

Suggested Citation

  • Glen D. Whipple & Dale J. Menkhaus, 1989. "Supply Response in the U.S. Sheep Industry," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 71(1), pages 126-135.
  • Handle: RePEc:oup:ajagec:v:71:y:1989:i:1:p:126-135.
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    File URL: http://hdl.handle.net/10.2307/1241781
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    Cited by:

    1. Whipple, Glen D. & Menkhaus, Dale J. & Hewlett, John P., 1989. "The Impact of Lamb Imports on U.S. Sheep Product Markets," 1989 Annual Meeting, July 9-12, 1989, Coeur d'Alene, Idaho 245029, Western Agricultural Economics Association.
    2. Rosen, Sherwin & Murphy, Kevin M & Scheinkman, Jose A, 1994. "Cattle Cycles," Journal of Political Economy, University of Chicago Press, vol. 102(3), pages 468-492, June.
    3. David K. Lambert, 1995. "Grazing On Public Rangelands: An Evolving Problem Of Property Rights," Contemporary Economic Policy, Western Economic Association International, vol. 13(2), pages 119-128, April.
    4. Eswaramoorthy, K., 1991. "U.S. livestock production and factor demand: a multiproduct dynamic dual approach," ISU General Staff Papers 1991010108000010523, Iowa State University, Department of Economics.

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