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The response of wheat production to prices with emphasis on technological change

, : The response of wheat production to prices with emphasis on technological change. J. Farm Econ, Menasha, Wisc., Dec. 40: 5, 1087-1097

The author suggests that there is a wide divergence of opinion concerning the nature of the response of wheat production to price. He feels that the price-quantity data used for obtaining estimate of supply elasticity are generated under conditions in which the assumptions implicit for valid supply functions are literally 'running wild.' The realistic area in which to discuss adjustment of wheat production is the concept of loag-run supply response rather than the short-run response.


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