A two-stage approach is used to estimate sensitivity of corn, wheat, and soybean yields to changes in price; and land idled, Estimated elasticity o; demand" for fertilizer pm acr~with respect to expected output price equals 0.47, 0.10, and 0.82 for corn, wheat, and soybeans. Upper estimates of the elasticity of yield with respect to fertilizer equals +0.58, +0.29, and +0.16 for corn, wheat, and soybeans. Yields are found to be quite insensitive to price changes. Fertilizer demands and yields are insensitive to land idled under farm programs.
As the result of Uruguay Round negotiations, Korea and Japan established tariff rate quotas (TRQs) for agricultural imports. Both countries allocate the TRQs with various methods that show different fill rates and welfare implications. The state trading enterprises play important roles in TRQ administration in both countries. The TRQs contributed to increased imports. However, the transparency and commercial consideration in administering the TRQs remain a concern and the access for some commodities seems to be less open than would be the case if quota amounts were made available on a purely commercial basis.
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