Description
Return share*ownPriceElasticity, preserving the signed supplied elasticity.
Agricultural economic summaries distinguish physical quantities, per-area yields, prices, covariance and index weights. One revenue or weighted-price contribution is not a complete index, profit account or estimated demand response. Nominal and imputed values require a consistent currency, quantity and period basis.
Return share*ownPriceElasticity, preserving the signed supplied elasticity.
When to use this tool
Use Farm Input Share Price Elasticity when checking the stated supplied value, index-weight or economic-response contribution.
How to use the tool and how it works
- Enter expenditureShare, ownPriceElasticity. Use the units and conventions below.
- Run the tool. Correct any format, range, or cross-field input error before interpreting the output.
- Read weightedElasticity. Use the output convention below.
Require expenditureShare in [0,1]. Return share*ownPriceElasticity, preserving the signed supplied elasticity.1
| Input field | Meaning and units | Accepted input |
|---|---|---|
| expenditureShare | Expenditure Share | Required. Finite number; minimum 0; maximum 1. |
| ownPriceElasticity | Signed caller-supplied dimensionless elasticity; not estimated from prices. | Required. Finite number. |
| Output field | Interpretation | Returned shape |
|---|---|---|
| weightedElasticity | Weighted Elasticity | Required. Finite number. |
{
"input": {
"expenditureShare": 0.25,
"ownPriceElasticity": -0.8
},
"output": {
"weightedElasticity": -0.2
}
}Limitations and assumptions
- This is one weighted contribution, not an estimated elasticity, demand system or causal price-response forecast.
- Inputs must satisfy both the field types and the cross-field conditions above. Invalid input causes an error; a successful false flag or documented placeholder is a different result.
- Numeric calculations use binary floating point unless exact decimal-integer arithmetic is explicitly stated. No hidden measurement tolerance or decimal rounding is added; nonfinite or out-of-contract results are rejected. Numeric signed-zero results are exported as zero.
Alternative or Complementary methods
Use verified farm/market data and a complete appropriate accounting or statistical model for economic estimates and decisions.
References
Similar or alternative tools
- Crop Yield Price One Sensitivity Term
Return their product, area*yield as priceDerivative and area*price as yieldDerivative.
- Fertilizer Marginal Response One Step
Compute yield difference/input difference, multiply by output price, then subtract inputPrice for marginalNet.