Economics of Marketable Surplus Supply by Ping Zong John Davis

Author:Ping Zong, John Davis [Ping Zong, John Davis]
Language: eng
Format: epub
Tags: Business & Economics, Industries, General, Political Science, International Relations, Trade & Tariffs, Political Economy, Social Science, Sociology
ISBN: 9780429864513
Google: VmAPEAAAQBAJ
Publisher: Routledge
Published: 2018-10-26T04:48:33+00:00

∂U∂P2=UH1⋅(∂H1∂P2)+U1⋅(∂I∂P2)=UI(>0) (6.36)8

Equations (6.35) and (6.36) show that an increase in the off-farm wage will reduce the marketable surplus supply, but enhance the total utility of households.

(3) The effect of changes in grain prices on farm labour input and marketable surplus supply become indefinite due to the effects of the non-farm wage.

We must further examine the effects of changes in output prices on farm labour input and marketable supply. Differentiating equation (6.28) partially with respect to output prices (q), we can obtain,

∂H1∂q=−QΔ⋅∂Z∂I+1Δ⋅∂Q∂H1 (6.37)

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