Story Name: Agricultural Economics Studies Story

Abstract: These data provide you with opportunity to develop models for
beef prices, beef consumption, pork prices, and pork consumption that take
account of consumption and price of a substitute product , a demand shifter
(income), and other factors. Frederick V Waugh was Director of the Division of
Agricultural Economics of the Agricultural Marketing Service in the U.S.
Deparment of Agriculture. In the intro- duction to the handbook from which the
data (1925-1941) were taken, he points out (in 1957) that in the 1920's graphic
analysis was the principle tool used by agricultural economists, and that with
advent of the "new" mathematical models and computers, graphic analysis was
receiving less attention. He comments "Nevertheless, it is my own view that
graphic analysis is an indispensible tool which should be used right along with
the new and fancier gadgets" Now, 30 years later, the personal computer has made
this view a practical reality

Reference: F.B. Waugh, Graphic Analysis in Agricultural Economics, Agricultural
Handbook No. 128, U.S. Department of Agriculture, 1957. Authorization: free use
Description: Price and consumption per capita of beef and pork annually from 1925
to 1941 together with other variables relevant to an economic analysis of price
and/or consumption of beef and pork over the period. Number of cases: 17 Variable

Names:

1.PBE = Price of beef (cents/lb)
2.CBE = Consumption of beef per capita (lbs)
3.PPO = Price of pork (cents/lb)
4.CPO = Consumption of pork per capita (lbs)
5.PFO = Retail food price index (1947-1949 = 100)
6.DINC = Disposable income per capita index (1947-1949 = 100)
7.CFO = Food consumption per capita index (1947-1949 = 100)
8.RDINC = Index of real disposable income per capita (1947-1949 = 100)
9.RFP = Retail food price index adjusted by the CPI (1947-1949 = 100)

The Data:

YEAR PBE CBE PPO CPO PFO DINC CFO RDINC RFP

1925 59.7 58.6 60.5 65.8 65.8 51.4 90.9 68.5 877
1926 59.7 59.4 63.3 63.3 68.0 52.6 92.1 69.6 899
1927 63.0 53.7 59.9 66.8 65.5 52.1 90.9 70.2 883
1928 71.0 48.1 56.3 69.9 64.8 52.7 90.9 71.9 884
1929 71.0 49.0 55.0 68.7 65.6 55.1 91.1 75.2 895
1930 74.2 48.2 59.6 66.1 62.4 48.8 90.7 68.3 874
1931 72.1 47.9 57.0 67.4 51.4 41.5 90.0 64.0 791
1932 79.0 46.0 49.5 69.7 42.8 31.4 87.8 53.9 733
1933 73.1 50.8 47.3 68.7 41.6 29.4 88.0 53.2 752
1934 70.2 55.2 56.6 62.2 46.4 33.2 89.1 58.0 811
1935 82.2 52.2 73.9 47.7 49.7 37.0 87.3 63.2 847
1936 68.4 57.3 64.4 54.4 50.1 41.8 90.5 70.5 845
1937 73.0 54.4 62.2 55.0 52.1 44.5 90.4 72.5 849
1938 70.2 53.6 59.9 57.4 48.4 40.8 90.6 67.8 803
1939 67.8 53.9 51.0 63.9 47.1 43.5 93.8 73.2 793
1940 63.4 54.2 41.5 72.4 47.8 46.5 95.5 77.6 798
1941 56.0 60.0 43.9 67.4 52.2 56.3 97.5 89.5 830