Question: The estimated Canadian processed pork demand function (Moschini and Meilke, 1992) is Q = 171 - 20p + 20p b + 3p c + 2Y

The estimated Canadian processed pork demand function (Moschini and Meilke, 1992) is Q = 171 - 20p + 20p_b + 3p_c + 2Y (see Exercise 1.1), and the supply function is Q = 178 + 40p - 60ph (see Exercise 2.1). Solve for the equilibrium price and quantity in terms of the price of hogs, p_h; the price of beef, p_b; the price of chicken, p_c; and income, Y. If p_h = 1.5 (dollars per kg), p_b = 4 (dollars per kg), pc = 3 13 (dollars per kg), and Y = 12.5 (thousands of dollars), what are the equilibrium price and quantity? M

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