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A Quantitative Economic Analysis and Long-run Projections of the Demand for Steel Mill Products.
MISSING :54 pages
This study presents the preliminary results of an investigation of the quantitative characteristics of U.S. demand for steel mill products and major end-use components. The end uses studied were construction, automobiles, producer durables, and consumer durables. The main objectives of the research underlying this study are (1) to formulate and estimate the empirical demand relations for steel and the four major end uses, (2) to measure and calculate the responsiveness of per capita steel consumption with respect to the changes in steel and nonferrous metals prices, (3) to determine and quantify the relative importance of the demand explanatory factors which contribute to the average year-to-year changes in per capita steel consumption, (4) to adapt and use the estimated demand relations in projecting future demand for steel and the major end- use components. Three versions of simple linear demand relations were selected and estimated using data for the period 1947-65 by means of ordinary least squares method. Direct and cross price elasticities of demand are computed for each major end use. The relative importance of demand explanatory factors in contributing to the average year-to-year changes in per capita steel consumption are also calculated. (Out of print.)
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