Demand for Non-‘Commodity’ Exports

The treatment of non-‘commodity’ exports follows that of ‘commodity’ exports in Chapter 16 above. Notation is given in Tables 18.1.1 and 18.1.2; the latter also contains estimated coefficients. Because the parallel with Chapter 16 is so exact, the demand and price flexibility equations are reproduced below in section 18.2 without further comment. Section 18.3 contains a brief remark about statistical difficulties encountered in estimation. This short chapter concludes in section 18.4 with a discussion of the steady-state price flexibility equation for non-‘commodity’ exports.