Question
The estimated demand function(Moschini andMeilke, 1992) for Canadian processed pork is Q=16120p+20pb+3pc+2Y, where Q is the quantity in million kilograms(kg) of pork peryear, p is
The estimated demand function(Moschini andMeilke, 1992) for Canadian processed pork is
Q=16120p+20pb+3pc+2Y,
where Q is the quantity in million kilograms(kg) of pork peryear, p is the dollar price perkg, pb is the price of beef in Canadian dollars perkg, pc is the price of chicken in dollars perkg, and Y is average income in thousands of dollars. What is the demand function if we hold pb, pc, and Y at their typical values during the periodstudied: pb=3.2, pc=3.2, and Y=12.5?
Demand as a function of p is (enter your first response rounded to one decimal place and your second response as a whole number):
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