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Agricultural Output Supply and Input Demand Relationships with Endogenous Land Rents
Published online by Cambridge University Press: 05 September 2016
Abstract
This study analyzed supply functions for agricultural output and demand functions for factors of production for Georgia. These relationships were derived with duality theory from a normalized quadratic profit function. Land has been included in other duality studies as a fixed factor as opposed to an endogenous factor. In this study, the system of supply and demand equations was augmented with a supply equation for land, which allowed land rents to be an endogenous factor. Consequently, it was possible to measure the impact of output and input prices on land rents.
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- Copyright © Southern Agricultural Economics Association 1989