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The environment for decision-making at the farm-firm level has always been volatile, but particularly so in recent years. Product prices have seen wide fluctuations, due in part to a reduced emphasis on farm-price support programs and more reliance on world markets. Input prices, especially those that are energy related (fertilizers, chemicals, fuels), have also increased in an erratic manner in recent years.
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Boggess et al. (1983) studied this question.
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