Economics Table 1. Lon -run Elasticities of 50 | and Demand for Pork and Beef. Price elasticity of pork supply Own-price elasticity of pork demand Cross-price elasticityr of pork demand with respect to beef price 0.60 Price elasticity of beef supply Own-price elasticity of beef demand Cross- rice elasticit of beef demand with res act to ork rice (Source: Norwood and Lusk, Table 3.2] 6. Write down the equation for park demand in elasticity form, including a single parameter {6} as a demand shifteri 0.05 = 1.95io.0931 + 5 7. Write down the equation for pork supply in elasticity form, including a single parameter {6} as a supply shifter. {1.02 = 2.15:0.043] + e 8. What are the values for 5 and B that you would use to calculate the effect of a 10% Increase In beef price on long-run equilibrium price and quantity in the pork market? 9. Calculate the changes in equilibrium price and quantity in the pork market that would result from a 10% increase in price of beef. 10. Suppose the U.5. government Imposed a new regulation on manure management practices that increases the marginal cost of producing park by 2%. Calculate the horizontaishift in the pork supply curve that would result from the regulation. {Hint use the price elasticity of pork supply] 11. What are the values for 5 and E! that you would use to calculate the effect of the manure regulation on I equilibrium price and quantity in the pork market? 12. Calculate the changes in long-run equilibrium price and quantity in the pork market that would result from the regulation. 13. How would your answer to 12 change if pork demand were more elastic