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Expenditure constraints and profit maximization in US agriculture: comment; Reply



Expenditure constraints and profit maximization in US agriculture: comment; Reply



American Journal of Agricultural Economics 70(4): 953-954; 955-956



Lee and Chambers (AJAE 68, PP.857-865) developed a theory of expenditure constrained profit maximization and applied their test to US farms. They found farmers do not face a perfectly elastic supply of funds or credit upon which they can draw to finance their production decisions. In the development of the theory, LC assume that the technology is a cone, i.e., there is constant return to scale. However, empirical studies suggest that this is frequently not the case.

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