Consider the demand function for processed pork in Canada, Q = 796.00 - 37p • 20p, + 3p. + 0.002Y The supply function for processed pork in Canada is: Q = 363.00 + 54p- 60p. pis the price of pork Q is the quantity of pork demanded Po is the price of beef = $4 per kg Pe is the price of chicken = $3 per kg (measured in millions of kg per year) Yis the income of consumers = $12,500 Ph is the price of a hog = $1.50 per kg Solve for the equlibrium price and quantity for pork. The equilibrium price of pork is Sand the equilibrium quantity of pork is milion kg per year. (Enter numeric responses using real numbers rounded up to two decimal places)

Consider the demand function for processed pork in Canada, Q = 796.00 - 37p • 20p, + 3p. + 0.002Y The supply function for processed pork in Canada is: Q = 363.00 + 54p- 60p. pis the price of pork Q is the quantity of pork demanded Po is the price of beef = $4 per kg Pe is the price of chicken = $3 per kg (measured in millions of kg per year) Yis the income of consumers = $12,500 Ph is the price of a hog = $1.50 per kg Solve for the equlibrium price and quantity for pork. The equilibrium price of pork is Sand the equilibrium quantity of pork is milion kg per year. (Enter numeric responses using real numbers rounded up to two decimal places)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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