Let corn denote per capita consumption of corn in bushels at the county level, let price be
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Let corn denote per capita consumption of corn in bushels at the county level, let price be the price per bushel of corn, let income denote per capita county income, and let rainfall be inches of rainfall during the last corn-growing season. The following simultaneous equations model imposes the equilibrium condition that supply equals demand:
Which is the supply equation, and which is the demand equation? Explain.
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Related Book For
Introductory Econometrics A Modern Approach
ISBN: 9781337558860
7th Edition
Authors: Jeffrey Wooldridge
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