Suppose that the demand function for lamb in Australia is Q 63 11 7 b 3 c 2, where Q is the quantity in million kilograms (kg) of lamb per year, is the dollar price per kg (all prices cited are in Australian dollars), b is the price of beef per kg, c is the price of chicken per kg, and Y is annual ...

Suppose that the demand function for lamb in Australia is Q = 63 - 11 + 7

Question:

Suppose that the demand function for lamb in Australia is Q = 63 - 11ρ + 7ρ_b + 3ρ_c + 2Υ, where Q is the quantity in million kilograms (kg) of lamb per year, ρ is the dollar price per kg (all prices cited are in Australian dollars), ρ_b is the price of beef per kg, ρ_c is the price of chicken per kg, and Y is annual per capita income in thousands of Australian dollars. What is the demand curve if we hold ρ_b, ρ_c , and Y at their typical values during the period studied: ρ_b = 19, ρ_c = 6, and Y = 78?