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Opork= 5.2 – 1.47P,r Ppork + 1.82Pr0of + 0.18Pchicken + 0.381 Calculate the cross-price elasticity of pork demand with respect to beef if the price of pork is $3.78/lb., the price of beef is $6.15/lb., the price of chicken is $1.90/1b., disposable income is $48000 per capita, and the total quantity demanded of pork is 52 lbs. per capita.

Opork= 5.2 – 1.47P,r Ppork + 1.82Pr0of + 0.18Pchicken + 0.381 Calculate the cross-price elasticity of pork demand with respect to beef if the price of pork is $3.78/lb., the price of beef is $6.15/lb., the price of chicken is $1.90/1b., disposable income is $48000 per capita, and the total quantity demanded of pork is 52 lbs. per capita.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Use the following demand function to answer questions 3-4. Show all your work to receive full credit. Qpork= 5.2 – 1.47Ppork + 1.82Peef + 0.18Pchicken + 0.38/ Calculate the cross-price elasticity of pork demand with respect to beef if the price of pork is $3.78/lb., the price of beef is $6.15/1b., the price of chicken is $1.90/lb., disposable income is $48000 per capita, and the total quantity demanded of pork is 52 lbs. per capita. If the price of beef increases by 12%, how much would you expect the quantity demanded of pork to change (in lbs.)?
Transcribed Image Text:Use the following demand function to answer questions 3-4. Show all your work to receive full credit. Qpork= 5.2 – 1.47Ppork + 1.82Peef + 0.18Pchicken + 0.38/ Calculate the cross-price elasticity of pork demand with respect to beef if the price of pork is $3.78/lb., the price of beef is $6.15/1b., the price of chicken is $1.90/lb., disposable income is $48000 per capita, and the total quantity demanded of pork is 52 lbs. per capita. If the price of beef increases by 12%, how much would you expect the quantity demanded of pork to change (in lbs.)?
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