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An Economic Measure of Capacity in a Joint Product, Multiprocess Industry

Following a discussion of theoretical and empirical problems of industry capacity measurement, a process analysis approach is used to derive a capacity measure for the U.S. petroleum refining industry. Capacity is explicitly defined as the minimum point of the industry's short-run average cost curve and measured with respect to a fixed, full-employment product mix; capital is disaggregated into process types. Capacity utilization series for petroleum products and processes are also presented along with a comparison between the measure derived and two alternative capacity measures.