Question: 3. Suppose that the demand equation for beef is: . . Queel -0.01 -0.5 P+ 0.03 Ppork+ 0.01 Pehicken +0.04 Inc. Qever is the quantity

3. Suppose that the demand equation for beef is: . . Queel -0.01 -0.5 P+ 0.03 Ppork+ 0.01 Pehicken +0.04 Inc. Qever is the quantity demanded (2 cwt. Average) Poe is the beef price ($3.00/unit) Ppork is the pork price ($5.00/unit) Pehicken is the chicken price (S4/unit) Inc. is income (S20 thousands average) a. Computer the own price elasticity of demand b. Compute income elasticity of demand c. Compute cross-price elasticity of beef demand with respect to pork price d. Compute cross-price elasticity of beef demand with respect to chicken price

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