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 - 60p, p is the price of pork Ph is the price of beef = $4 per kg Q is the quantity of pork demanded 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 (measured in millions of kg per year) Solve for the equilibrium price and quantity for pork. The equilibrium price of pork is $ and the equilibrium quantity of pork is million kg per year. (Enter numeric responses using real numbers rounded to two decimal places.)
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 - 60p, p is the price of pork Ph is the price of beef = $4 per kg Q is the quantity of pork demanded 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 (measured in millions of kg per year) Solve for the equilibrium price and quantity for pork. The equilibrium price of pork is $ and the equilibrium quantity of pork is million kg per year. (Enter numeric responses using real numbers rounded to two decimal places.)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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 - 60p,
p is the price of pork
Pn is the price of beef = $4 per kg
Q is the quantity of pork demanded
Po is the price of chicken = $3 per kg
(measured in millions of kg per year)
Y is the income of consumers = $12,500
Ph is the price of a hog = $1.50 per kg
Solve for the equilibrium price and quantity for pork.
The equilibrium price of pork is $and the equilibrium quantity of pork is
million kg per year. (Enter numeric responses using real numbers rounded to two
decimal places.)
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