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<br />. , <br /> <br />GJJ318 <br /> <br />. <br />" <br /> <br />-4- <br /> <br />(, <br /> <br />(dl farm employment and income (i.e., wages, <br /> <br />entrepreneurial income and rents); <br /> <br />eel variable and fixed production costs other <br /> <br />that water (principal short-run production <br />and long-run investment costs should be <br />itemized and the breakdown between fixed <br /> <br />and variable costs should be relevant to <br /> <br />decisions to make significant changes in <br />farm processes); <br />(f) water demand curve {i.e., how much water <br /> <br />, <br />would be purchased if available in unlimited <br />quantities at each array of p I. <br />w <br /> <br />The farm-level research involves two stages. The <br /> <br />first stage of baseline projection describes what is <br />and what will be if nothing purposeful is done to change <br />the system. There must be a high degree of interstate <br /> <br />cooperation to ensure consistency regarding the many <br /> <br />factors and assumptions likely to be common throughout <br /> <br />the High Plains area such as capital depreciation rates <br /> <br />and relative prices vf outputs and inputs. The second <br />stage of this element will project likely changes in <br />economic activity that may be induced by each of an <br />array of deliberate changes injected into the system. <br /> <br />\ <br />