Methods:Regression , Multivariate regression , Time series
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.
Abstract: These data provide the student 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. Department of Agriculture. In the introduction 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 indispensable 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
Number of cases: 17
PBE = Price of beef (cents/lb)
CBE = Consumption of beef per capita (lbs)
PPO = Price of pork (cents/lb)
CPO = Consumption of pork per capita (lbs)
PFO = Retail food price index (1947-1949 = 100)
DINC = Disposable income per capita index (1947-1949 = 100)
CFO = Food consumption per capita index (1947-1949 = 100)
RDINC = Index of real disposable income per capita (1947-1949 = 100)
RFP = Retail food price index adjusted by the CPI (1947-1949 = 100)