N

which are the ILS estimators. Note that the parameters of the demand function cannot be thus estimated (however, see exercise 20.13).

CHAPTER TWENTY: SIMULTANEOUS-EQUATION METHODS 769

TABLE 20.1 CROP PRODUCTION, CROP PRICES, AND PER CAPITA PERSONAL CONSUMPTION EXPENDITURES, 1982 DOLLARS; UNITED STATES, 1970-1991

Year

Index of crop production (1977 = 100), Q

Index of crop prices received by farmers (1977 = 100), P

Real per capita personal consumption expenditure, X

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