Agriculture marketing

Chapter 7: Empirical Agricultural Price Analysis Problem Estimating Pork Supply and Demand Qt-12 - Last year's pork production Pt-12 - Last year's pork price Short-Run Supply Function: QU--27.66 + 2.89(PI-12) - 95.36(C1-12) + 0.83(Qt-12) Short-Ron Demand Function: Pt = 64.6979 - 0.0651(Qt) + 0.2332(Bt) + 1.1291(01) + 0.0194(10) - 8.0152(DQ11) -12.7642(DQ21) - 11.4670(DQ3() + 0.000-4(Qt-12) 2-a. Solve for the long-run supply and demand curves. 2-b. Suppose that the average value are as follows: Variable Average Value Price of Com (S/bu) = Ci $2.48 Price of Beef (S/cwt) = Bi $225 Price of Poultry (S/cut) $78 Disposable Income (billion dollars) = It $3.103 DOLL, DO12, DOU3, DQ14 25 Calculate the long-run supply and demand curves. 2-c. Calculate the long-run equilibrium price and quantity