This article presents an empirical investigation of the importance of price and its riskiness among Malawi's commercial and smallholder tobacco producers. Employing a simple econometric risk model, the study finds commercial farmers to be both price-responsive and risk-averse. The response is, however, inelastic. Price risk is empirically less important among smallholder farmers. Substantial biases in estimated coefficients and overall model performance are observed when risk variables are omitted from the equation. This underscores the importance of risk consideration in supply response analyses. Key words: acreage response, price risk, tobacco.