The Demand for Livestock by the U.S. Meat Processing Industry
This paper studies the demand of domestic and imported livestock by the U.S. meat processing industry. Two types of meats are analyzed: slaughter cattle and hogs. Static and dynamic inverse input demand models are estimated. The static inversed input demand model performed better than the dynamic inversed input demand models. Calculated own price elasticities (flexibilities) and cross price elasticities (flexibilities) indicate that the demand for imported livestock by the meat processing industry is very sensitive to the change in the domestic price for livestock. The demand of domestic slaughter livestock is less sensitive to the change in imported livestock prices.
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