What is the equilibrium quantity and price of processed pork? b. Find the following elasticities. i. Price elasticity of demand for processed pork. ii. Price elasticity of supply for processed pork. iii. Income elasticity of demand for processed pork. iv. Cross price elasticity of demand between beef and processed pork. c. What effect would the following have on the demand for processed pork? i. A 10% decrease in the price of processed pork. ii. A 10% decrease in income. (What type of good is processed pork?) iii. A 10% decrease in the price of beef. (What is the relationship between beef and processed pork?) d. Suppose that a $1 tax is imposed on processed pork. i. Based on the elasticities that you calculated above, how much of the tax will be paid by consumers? ii. Based on the elasticities that you calculated above, how much of the tax will be paid by producers? iii. How would the incidence of tax change if the government charged all of the tax directly to consumers? Explain. iv. Using the supply and demand equations and the tax wedge equation solve for... 1. The price that the consumer pays. 2. The price that the seller receives. 3. The new equilibrium quantity. 4. How do your answers compare to parts i through iii?