07 Jun Question The market for carrots is c
Question
The market for carrots is comprised of two segments: fresh market carrots, which have excellent, uniform color and a small core, and processing carrots, which are larger than fresh market carrots but still have good flavor, color, and sweetness. Annual data for the years 1983–2000 in the fresh market segment of the carrot industry are presented below. Q is total annual fresh market carrot production (measured in thousands of hundred weight units, which are 100,000 pound units), P is average annual real price per hundred weight of fresh market carrots (in constant 1991 dollars *1), and W is a weather index based on temperature and rainfall (W varies directly with conduciveness of weather for growing carrots). To account for the increasing popularity of carrots during the sample period, the time variable t is added to the demand equation to reflect growing popularity of carrots. The production data do not account for imports and exports of carrots. During the period of this sample, however, net exports of carrots (exports minus imports) were quite small in every year .
Estimating Industry Demand for Fresh Market Carrots
The market for carrots is comprised of two segments: fresh market carrots, which have excellent, uniform color and a small core, and processing carrots, which are larger than fresh market carrots but still have good flavor, color, and sweetness. Annual data for the years 1983–2000 in the fresh market segment of the carrot industry are presented below. Q is total annual fresh market carrot production (measured in thousands of hundred weight units, which are 100,000 pound units), P is average annual real price per hundred weight of fresh market carrots (in constant 1991 dollars *1), and W is a weather index based on temperature and rainfall (W varies directly with conduciveness of weather for growing carrots). To account for the increasing popularity of carrots during the sample period, the time variable t is added to the demand equation to reflect growing popularity of carrots. The production data do not account for imports and exports of carrots. During the period of this sample, however, net exports of carrots (exports minus imports) were quite small in every year.
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