Crop-water production functions are estimated for corn, soybeans, and sugar beets grown in Colorado with two irrigation efficiency levels. Farmers with high-cost water can conserve water and increase profits by applying profit- rather than yield-maximizing water quantities if crop prices are low. Application efficiencies. have a greater effect on profits at high water costs, but a greater effect on water use at low water costs.. Water supply restrictionsof 10 percent or less have a small effect on farm profits. Farmers should .maintain full Acreage in production and reduce water, applications per acre.for maximum profits under water supply restrictions of 20 percent or less.