walsh.cottonprice {agridat} | R Documentation

## Acres and price of cotton 1910-1943

### Description

Acres and price of cotton 1910-1943

### Format

A data frame with 34 observations on the following 9 variables.

`year`

  year, numeric 1910-1943

`acres`

  acres of cototn (1000s)

`cotton`

  price per pound (cents) in previous year

`cottonseed`

  price per ton (dollars) in previous year

`combined`

  cotton price/pound + 1.857 x cottonseed price/pound (cents)

`index`

  price index, 1911-1914=100

`adjcotton`

  adjusted cotton price per pound (cents) in previous year

`adjcottonseed`

  adjusted cottonseed price per ton (dollars) in previous year

`adjcombined`

  adjusted combined price/pound (cents)

### Details

The 'index' is a price index for all farm commodities.

### Source

R.M. Walsh (1944). Response to Price in Production of Cotton and Cottonseed, Journal of Farm Economics, 26, 359-372. http://doi.org/10.2307/1232237

### Examples

    data(walsh.cottonprice)
    dat <- walsh.cottonprice

    dat <- transform(dat, acres=acres/1000) # convert to million acres

    percentchg <- function(x){ # percent change from previous to current
      ix <- 2:(nrow(dat))
      c(NA, (x[ix]-x[ix-1])/x[ix-1])
    }

    # Compare percent change in acres with percent change in previous price
    # using constant dollars
    dat <- transform(dat, chga = percentchg(acres), chgp = percentchg(adjcombined))

    with(dat, cor(chga, chgp, use='pair')) # .501 correlation
    require(lattice)
    xyplot(chga~chgp, dat, type=c('p','r'),
           main="walsh.cottonprice",
           xlab="Percent change in previous price", ylab="Percent change in acres")

[Package agridat version 1.16 Index]