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

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Suppose that the demand function for lamb in Australia is Q = 63 - 11ρ + 7ρb + 3ρc + 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), ρb is the price of beef per kg, ρc 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, ρc , and Y at their typical values during the period studied: ρb = 19, ρc = 6, and Y = 78?

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Microeconomics

ISBN: 9781292215624

8th Global Edition

Authors: Jeffrey Perloff

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