Description
Return meanYield*meanPrice, the supplied covariance and their sum as expectedRevenue.
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 meanYield*meanPrice, the supplied covariance and their sum as expectedRevenue.
When to use this tool
Use Yield Price Covariance Term when checking the stated supplied value, index-weight or economic-response contribution.
How to use the tool and how it works
- Enter meanYield, meanPrice, suppliedCovariance. Use the units and conventions below.
- Run the tool. Correct any format, range, or cross-field input error before interpreting the output.
- Read meanProduct, covarianceContribution, expectedRevenue. Use the output convention below.
Return meanYield*meanPrice, the supplied covariance and their sum as expectedRevenue.1
| Input field | Meaning and units | Accepted input |
|---|---|---|
| meanYield | Mean Yield | Required. Finite number. |
| meanPrice | Mean Price | Required. Finite number. |
| suppliedCovariance | Covariance of yield and price for the same population/period, in yield*price units. | Required. Finite number. |
| Output field | Interpretation | Returned shape |
|---|---|---|
| meanProduct | Mean Product | Required. Finite number. |
| covarianceContribution | Covariance Contribution | Required. Finite number. |
| expectedRevenue | Expected yield-price product under the supplied moments; no additional area multiplier. | Required. Finite number. |
{
"input": {
"meanYield": 10,
"meanPrice": 5,
"suppliedCovariance": 2
},
"output": {
"meanProduct": 50,
"covarianceContribution": 2,
"expectedRevenue": 52
}
}Limitations and assumptions
- Yield/price distributions must share their population and period; covariance has product units. This identity does not estimate covariance or a risk distribution.
- 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 Weight Gap
Return sum(yield*area*price) and subtract supplied referenceRevenue.
- Crop Yield Price One Sensitivity Term
Return their product, area*yield as priceDerivative and area*price as yieldDerivative.