Question: AFlEi 00A Homework #2 where average Pbeef = $4.00/kg, average Y=$12.5 thousands, and Z = t, (a) What is the own price elasticity at the

AFlEi 00A Homework #2 where average Pbeef = $4.00/kg, average Y=$12.5 thousands, and Z = t, (a) What is the own price elasticity at the market equilibrium you have solved in Problem3 (2)? What is the economic meaning of the value of the own price elasticity? Suppose during one week, the grocery store sets a promotion price for pork that is slightly lower than the equilibrium price, will the revenue from pork increase or decrease during the promotion week? (6 points)

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