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[solution] » The estimated demand function for pork is: How does the

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The estimated demand function for pork is: How does the
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  • The estimated demand function for pork is:
  • How does the equilibrium price of pork vary as the income (Y) if the variables that affect demand are held constant at their typical values (using the values .5, pb = 4, pc = 3.33 and .50)? (Hint: calculate  ).
  • Given the demand function above with all the values, what would be the cross-price elasticity between the price of chicken (pc) and the quantity of pork?

 







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