Consider the demand function for processed pork in Canada, Q₁ = 496-22p+20pb + 3pc +0.002Y where Q is the quantity of pork demanded (measured in millions of kg per year), p is the price of pork, P, is the price of beef, Pc is the price of chicken, and Y is the income of consumers, and the supply function for processed pork in Canada, Q₂ = 395 +39p-60ph where Q is the quantity of pork supplied (measured in millions of kg per year), p is the price of pork, and ph is the price of a hog. If the income of consumers increases, then the equilibrium quantity of pork will decrease increase remain unchanged
Consider the demand function for processed pork in Canada, Q₁ = 496-22p+20pb + 3pc +0.002Y where Q is the quantity of pork demanded (measured in millions of kg per year), p is the price of pork, P, is the price of beef, Pc is the price of chicken, and Y is the income of consumers, and the supply function for processed pork in Canada, Q₂ = 395 +39p-60ph where Q is the quantity of pork supplied (measured in millions of kg per year), p is the price of pork, and ph is the price of a hog. If the income of consumers increases, then the equilibrium quantity of pork will decrease increase remain unchanged
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter3: Demand, Supply, And The Market Process
Section: Chapter Questions
Problem 1CQ
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![Consider the demand function for processed pork in Canada,
Q=496-22p+20pp +3pc +0.002Y
where Q is the quantity of pork demanded (measured in millions of kg per year), p is the price of pork, p, is the price of beef, pc is the price of chicken, and Y is the
income of consumers, and the supply function for processed pork in Canada,
Q₂ = 395 +39p-60ph
where Q is the quantity of pork supplied (measured in millions of kg per year), p is the price of pork, and ph is the price of a hog.
If the income of consumers increases, then the equilibrium quantity of pork will
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decrease
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increase
remain unchanged
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Transcribed Image Text:Consider the demand function for processed pork in Canada,
Q=496-22p+20pp +3pc +0.002Y
where Q is the quantity of pork demanded (measured in millions of kg per year), p is the price of pork, p, is the price of beef, pc is the price of chicken, and Y is the
income of consumers, and the supply function for processed pork in Canada,
Q₂ = 395 +39p-60ph
where Q is the quantity of pork supplied (measured in millions of kg per year), p is the price of pork, and ph is the price of a hog.
If the income of consumers increases, then the equilibrium quantity of pork will
F2
-
CLE
‒‒‒
ост
F3
2
80
Q
F4
O
F5
decrease
G
F6
increase
remain unchanged
MacBook Air
F7
Q
tv
DII
F8
C
DD
F9
4
F10
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