Consider the demand function for processed pork in Canada, Q = 590.00 - 36p + 20p, + 3p. + 0.002Y The supply function for processed pork in Canada is: Q = 442.00 + 52p -60ph p is the price of pork Ph is the price of beef = $4 per kg Q is the quantity of pork demanded Pe is the price of chicken = $3 per kg Y is the income of consumers = $12,500 Ph is the price of a hog = $1.50 per kg (measured in millions of kg per year) Solve for the equilibrium price and quantity for pork. The equilibrium price of pork is $3.72 and the equilibrium quantity of pork is 545.23 million kg per year. (Enter numeric responses using real numbers rounded to two decimal places.)

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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Consider the demand function for processed pork in Canada,
Q = 590.00 – 36p + 20p, + 3p. + 0.002Y
The supply function for processed pork in Canada is:
Q = 442.00 + 52p – 60ph
p is the price of pork
Ph is the price of beef = $4 per kg
Pc is the price of chicken = $3 per kg
Y is the income of consumers = $12,500
Ph is the price of a hog = $1.50 per kg
Q is the quantity of pork demanded
(measured in millions of kg per year)
Solve for the equilibrium price and quantity for pork.
The equilibrium price of pork is $3.72 and the equilibrium quantity of pork is 545.23 million kg per year. (Enter numeric responses using real numbers rounded to two decimal places.)
OCT
étv
2
MacBook Air
80
DII
DD
PSC
F1
F2
F6
F7
F8
F9
F10
F3
F4
@
$
&
1
2
3
4
5
6
7
8
9
多。
Transcribed Image Text:Consider the demand function for processed pork in Canada, Q = 590.00 – 36p + 20p, + 3p. + 0.002Y The supply function for processed pork in Canada is: Q = 442.00 + 52p – 60ph p is the price of pork Ph is the price of beef = $4 per kg Pc is the price of chicken = $3 per kg Y is the income of consumers = $12,500 Ph is the price of a hog = $1.50 per kg Q is the quantity of pork demanded (measured in millions of kg per year) Solve for the equilibrium price and quantity for pork. The equilibrium price of pork is $3.72 and the equilibrium quantity of pork is 545.23 million kg per year. (Enter numeric responses using real numbers rounded to two decimal places.) OCT étv 2 MacBook Air 80 DII DD PSC F1 F2 F6 F7 F8 F9 F10 F3 F4 @ $ & 1 2 3 4 5 6 7 8 9 多。
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