MARKETS, PRICES, AND INTERREGIONAL TRADE

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1 1978 by Mrs Raymond G. Bressler and Richard A. King. MARKETS, PRICES, AND INTERREGIONAL TRADE RAYMOND G. BRESSLER, JR. and RICHARD A. KING

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3 5co"H~ J-r^'H 1978 by Mrs Raymond G. Bressler and Richard A. King. SCOTT H IRWIN UNIVERSITY OF ILLINOIS

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5 MARKETS, PRICES, AND INTERREGIONAL TRADE

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7 MARKETS, PRICES, AND INTERREGIONAL TRADE RAYMOND G. BRESSLER, Jr. RICHARD A. KING

8 Originally published by John Wiley & Sons, Inc. Copyright assigned to Mrs Raymond G. Bressler and Richard A. King, November, 1978 All rights reserved. No part of this book may be reproduced by any means, nor transmitted, nor translated into a machine language without the written permission of the publisher. Library of Congress Catalogue Card Number: SBN Printed in the United States of America NORMAN-WEATHERS PRINTING CO. Raleigh, N. C

9 FOR RGB III, PAK, and friends

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11 PREFACE This book is devoted to the study of the central core of our economy the marketing and pricing system. The operation of this unseen and largely automatic system directs the concurrent flows of resources to their myriad uses and of goods and services to their ultimate consumers. These flows include the production of services such as transportation, storage, and communication that bind the economy into an effective and integrated whole. Although there are many social objectives to which marketing may contribute, the direct and fundamental goals for the marketing system are (1) to provide efficient and economical services and ownership transfers in the movement of commodities from producer to consumer, and (2) to provide an effective and efficient price-making mechanism. Only insofar as the prices that are established through the marketing system transmit the demands of consumers back to producers and transmit the supply conditions forward to consumers with a minimum of lags, imperfections, and distortions, can the economy achieve the efficient allocation and the economical use of resources in satisfying wants. From this viewpoint, the first objective, relating to efficiency in the handling and the transferring of commodities, is simply a specific aspect of the second. The creation of marketing services does not differ from other productive processes in this respect, and the efficient operation of the pricing mechanism includes the economical allocation of resources to marketing uses. Thus, the real and direct contribution of the marketing system is to provide for and to participate in price formation, with the understanding that the pricing system will have as its prime functions the guiding of the allocation of resources into production (including marketing) and the rationing of goods and services in consumption. Our objective has been to provide a textbook that emphasizes the interdependent nature of economic activities and the strategic role of marketing in the total economic system. Our approach is analytical and uses economic theory to interpret the essential nature of marketing processes, but with frequent illustrations and factual applications.

12 Viii PREFACE 1978 by Mrs Raymond G. Bressler and Richard A. King. These illustrations are drawn largely from agriculture, and many center on the marketing of milk. For an illustration to be useful, it is important to understand the setting from which it is drawn. Most of us will be familiar with milk "factories," since cows are to be found in every state in the Union. Furthermore, although the marketing of milk may now involve some less familiar procedures than was true a few decades ago, the scope of milk problems extends through the space, time, and form dimensions of market price to encompass interesting problems of efficiency and public policy. Although some may believe that this is the milkman's approach to markets and trade, there is a large body of research data, readily available from studies during the past half century, from which we have drawn. Our goal, then, is not to train milk-marketing economists but to show the ready adaptability and power of the theoretical tools that are presented in the solution of a variety of problems that exist in the real world. In Part I, we briefly discuss the growth and evolution of the American economy from the subsistence farming widespread in the Colonial period to the complex industrialized exchange economy of the 20th century. Our discussion serves the twofold purpose of providing illustrative material that can be drawn on later to clarify theoretical points and of encouraging the reader to view the economy of mid-20th century America as a snapshot of a complex and rapidly changing system. In Part II, we examine the spatial dimension of market price. The theoretical framework treats an economy in which a specified set of commodities is available in given locations, although they may move from site to site in response to price incentives. The entire question of the location of economic activity revolves around the issue of how, if at all, the cost of doing business is affected by site that is to say, the spatial characteristics of prices and costs. In this respect, this book differs from most economic treatises, which deal largely with a pinhead economy that is, an economy that has no space, form, or time dimensions. In Part III, we introduce the form and time dimensions to produce an interdependent system of prices with three dimensions. Part IV deals with regional specialization and trade. In this section, we consider an economy in which given bundles of resources may be used to produce a variety of sets of commodities in a given region. These commodities may then be moved from site to site in response to price differences. In Part V, we remove a final constraint and allow resources themselves to move from region to region. Here we examine an economy in which certain of the resources may be moved from one site to another to be used in the production of a variety of sets of commodities which, again, may be moved from site to site as the price conditions may dictate.

13 PREFACE ix We close with a few remarks concerning the contributions of marketing to economic development and to the general welfare. This text is directed toward advanced undergraduate students or, with appropriate supplementation, toward graduate students. We assume that these students have some knowledge both of economic theory and of facts descriptive of the economy in general and of marketing institutions in particular. However, we have attempted to provide factual and theoretical background material, that is adequate to offset any major deficiencies in these prerequisite areas. It should be acknowledged that this book does not provide instruction on the merchandising activities of marketing agencies. Instead, it attempts to provide an understanding of the nature and of the operation of broad economic forces. As such, we offer it as the basis for a full-year course in the economics of marketing. Courses organized on the basis of a single semester or quarter will no doubt use only part of the material presented. Although the selection should depend primarily on the interests of the instructor and on the previous training of the students, we suggest that Parts I, II, III, and IV would be most appropriate for less advanced classes. Graduate students may well emphasize Parts IV and V, with only a brief consideration of the earlier chapters. Finally, some instructors prefer to emphasize the broad aspects of markets and pricing; for them, it would be appropriate to eliminate certain sections that treat in detail the problems of the marketing firm. Perhaps it is not too much to hope some of the excitement will be sensed that we have shared with our students as excess demand curves, transfer functions, price cones, market boundaries, and multiple-product price relationships have come to light in spatially separated markets such as Storrs, Connecticut; Berkeley, California; Raleigh, North Carolina; Naples, Italy; and Lima, Peru. We are indebted to many individuals who have contributed directly or indirectly to this work. We thank particularly our present and former colleagues at the University of Connecticut, at North Carolina State University, and at the University of California.

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15 CONTENTS PART I PROLOGUE Chapter 1 The American Economy: Colonial Days Through The Civil War The Colonial Powers in North America The American Colonial Economy Territorial Expansion of the New Nation Transportation and Communication The Growth of Economic Specialization The Situation at the Close of the Civil War 21 Selected Readings 22 Chapter 2 Development of an Advanced Economy: 1870 to the 1960's Economic Specialization and Regional Growth Increasing Output and Productivity The Maturing Transportation and Communications Systems The Agricultural Revolution The Expansion and Relocation of Manufacturing Emergence of the Service Industries 41 Selected Readings 45

16 xii CONTENTS 1978 by Mrs Raymond G. Bressler and Richard A. King. Chapter 3 Economic Interdependence and Interregional Trade Interdependent Economic Activities Interdependencies within the Agricultural Sector Some Reasons for Regional Specialization Some Examples of Regional Specialization Interregional Trade Flows The Mobility of Production Factors 66 Selected Readings 69 PART II THE SPATIAL DIMENSION OF MARKET PRICE 71 Chapter 4 Market Price in an Exchange Economy Introduction Concept of the Market Individual and Aggregate Demand Individual and Aggregate Supply Price Equilibrium Joint Demand for Goods and Services Multiple Price Markets The Perfect Market Concept 84 Selected Readings 85 Chapter 5 Price Equilibrium in Spatially Separated Markets The Two-Region Case Introduction of Transfer Costs Multiregion Models: Production and Consumption Fixed Multiregion Models: Programming Solution Production and Consumption Variable Limitations of Single-Product Analysis 106 Selected Readings 107

17 1978 by Mrs Raymond G. Bressler and CONTENTS Richard A. King. xiii Chapter 6 Space and Transfer Cost Components of Transfer Cost Distance-Cost Relationships Transfer Cost Surface Effect of Transport Network on Cost Alternative Modes of Transportation Combined Modes of Transportation Collection and Delivery Routes 119 Selected Readings 123 Chapter 7 Markets With Spatially Dispersed Production Spatial Dispersion Site-Price Surface The Law of Market Areas Boundaries between Competing Markets An Example of Interrelated Markets Minimizing Transfer Costs Production Costs and Irregular Transfer Costs Applicability to Real Markets 137 Selected Readings 139 Chapter 8 Efficient Organization Within Market Areas Efficient Product Assembly Isolated Plant Sites Competing Plants Processing Plant Numbers and Costs Efficient Distribution Systems l Spatial Monopoly Mathematical Note on Efficient Spatial Allocation 155 Selected Readings 159

18 xiv CONTENTS 1978 by Mrs Raymond G. Bressler and Richard A. King. PART III FORM, TIME, AND SPACE DIMENSIONS OF MARKET 161 PRICE Chapter 9 Price Equilibrium With Alternative Product Forms Product Form Choices Product Price Boundaries Role of Processing Costs Short-Run Plant Costs Measurement of Plant Costs Harmony among Stages Time versus Rate Dimensions of Plant Output Multiple Service Plants 176 Selected Readings 181 Chapter 10 Multiple Product Forms and Spatially Separated Markets Net Values of the Raw Product Identification of Product Boundaries Role of Market Demands and Supplies Point Trading, Space-Form Models Competing Markets with Production Dispersed Seasonal Variation in Product Boundaries Selection of Product Form Long-Run Adjustment to Seasonal Variations 200 Selected Readings 204 Chapter 11 Temporal Market Price Relationships The Time Dimension and Storage Costs Two-Period Demand Case Multi-Period Demand Case Carry-Over between Production Periods Fat Years and Lean A Spatial and Seasonal Illustration Concluding Observations 227 Selected Readings 228

19 CONTENTS Chapter 12 Price Discrimination Among Markets Types of Price Discrimination Modes of Behavior of the Firm Price Elasticity Reviewed Revenue Functions Reviewed Price Differentiation among Markets Space Price Differentiation among Markets Form Price Differentiation among Markets Time Price Differentiation among Markets Form, Time, and Space Summary 257 Selected Readings 258 XV Chapter 13 Nonprice Factors Affecting Trade Types of Intervention The Pink Milk Caper The World Sugar Market Northeast Milksheds and the Canadian Border Fresh Vegetables in Midwinter Administered Pricing 272 Selected Readings 275 PART IV REGIONAL SPECIALIZATION AND TRADE Chapter 14 Short-Run Trade Flows The Concept of Utility Consumer Equilibrium Barter between Individuals Individual "Offer" Curves Short-Run Regional Offer Curves 288 Selected Readings 291

20 xvi CONTENTS Chapter 15 Regional Production Potentials Alternative Production Opportunities Opportunity Cost Curves Single Homogeneous Factor Opportunity Cost Curves-Multiple Factors The Long-Run Opportunity Cost Curve Factors Affecting the Opportunity Cost Curve 309 Selected Readings Chapter 16 Long-Run Regional Specialization Production Adjustments and Individual Offer Curves Regional Production and Trade Product Prices and Factor Prices Regional Differences in Production Technology The Gains from Trade 323 Selected Readings 325 PART V SPATIAL ARRANGEMENT OF ECONOMIC ACTIVITY 327 Chapter 17 Land-Use Equilibrium Models The Nomadic, No-Choice Case Site-Rent Surface Equilibrium Market Price Factors Influencing Site Rents Site Rents and Production Zones The Effects of Differences in Land Quality Land-Use Equilibrium with Multiple Markets Comparative Advantage, Specialization, and Trade Opportunity Cost Curves and Transfer Costs Two Illustrations 350 Selected Readings 352

21 CONTENTS Chapter 18. Spatial Equilibrium With Mobile Resources Spatial Distribution of Raw Materials Production Location: Single, Localized Raw Material Production Location: One Localized and One Ubiquitous Raw Material Production Location: Two Localized Raw Materials Unequal and Nonproportional Transfer Costs Optimum Location with More Than Three Points Alternative Raw Material Sources and Nontransfer Costs Labor as a Mobile Resource Some Unresolved Issues 372 Selected Readings 373 xvii Chapter 19 General Equilibrium in an Isolated Region A Simple General Equilibrium System A Modified General Equilibrium System Linear Programming Formulation with Fixed Resource Supplies Linear Programming Formulation with Alternative Production Processes Introduction of Intermediate Commodities Consideration of Joint Production 386 Selected Readings 386 Chapter 20 Multiple-Region Production and Trade Models An Output-Oriented Formulation A Resource-Oriented Formulation Location Rents 393

22 xviii CONTENTS 20.4 Multiple Resource Restraints "Trade in Intermediate Commodities 397 Selected Readings 401 Chapter 21 Efficiency in Marketing Efficiency of Marketing Firms Alternative Marketing Systems Efficiency of Marketing Systems The "Ideal Market" and Marketing Research 414 Selected Readings 416 Index 419

23 MARKETS, PRICES, AND INTERREGIONAL TRADE

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