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Expenditure constraints and profit maximization in U.S. agriculture: comment



Expenditure constraints and profit maximization in U.S. agriculture: comment



American Journal of Agricultural Economics 72(3): 734-737



H. Lee and R. G. Chambers (LC) (AJAE 68 (1989) pp.857-865) developed a model of expenditure constrained profit maximization. A single constraint was specified for the purchase of all variable inputs, and the competing hypotheses of unconstrained and constrained profit maximization were tested in terms of corresponding non-nested homogeneity conditions. LC proceeded in terms of a profit function with prices normalized on the predetermined level of expenditure.

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Accession: 001831331

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DOI: 10.2307/1241943



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