Milk supply response in Greater Kansas City marketing area
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The growth of the dairy industry has been an important factor in the agricultural development of the United States. Missouri has shared in this development. The sale of dairy products has contributed nine to thirteen percent of the total income from sales of farm products since 1930. Dairy products are very important in the diet of the American people, but the demand is in elastic. Fresh milk is one of the principal items making a uniform flow throughout the year important. As population grows milk production must increase to meet per capita demands. This study has as its primary purpose that of discovering the factors which determine the quantity of milk which is now and will become available to a large consuming center such as the Greater Kansas City Marketing Area. An investigation is made to explain how these factors function in bringing forth the milk supply and further how they may be altered to keep supply in line with demand at a price that will meet the costs of representative dairymen. Specific investigations in this study examine data relating to variations in utilisation and price to picture specific relationships and to establish trends. Further study is made of the impact upon farm size, of shifts to alternative enterprises, and of the influence of production costs and prices received from other products. When consumers have an inelastic demand and there is an inelastic supply for a product the problem of balancing the quantity supplied with the quantity taken is most acute. Consumer price adjustments will not Immediately remove surplus quantities from the market and further will not bring about sudden changes in the quantities received from producers in a given market. In light of these conditions market personnel must have information as to possible changes which can be made in market conditions which will bring about a balance of supply and demand for milk. Ultimately consumers will benefit in that there will be available a dependable supply to meet their inelastic demands at a rather unifora price.
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