• Story Name: Agricultural Economics Studies
  • Story Topics: Economics, Consumer,
  • Datafile Name: Agricultural Economics Studies
  • Methods: Regression, Multivariate Regression, Time Series,
  • Abstract:

    These data provide the student with opportunity to develop models for beef prices, beef consumption, pork prices, and pork consumption that take account of consumption and price of a substitute product , a demand shifter (income), and other factors. Frederick V Waugh was Director of the Division of Agricultural Economics of the Agricultural Marketing Service in the U.S. Deparment of Agriculture. In the intro- duction to the handbook from which the data (1925-1941) were taken, he points out (in 1957) that in the 1920's graphic analysis was the principle tool used by agricultural economists, and that with advent of the "new" mathematical models and computers, graphic analysis was receiving less attention. He comments "Nevertheless, it is my own view that graphic analysis is an indispensible tool which should be used right along with the new and fancier gadgets" Now, 30 years later, the personal computer has made this view a practical reality

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