As you work the problems make sure you show your work. 1. The estimated Canadian processed pork demand function (Moschini and Meilke, 1992) is Q = 171 - 20p + 20pp + 3pc + 2Y and the supply function is Q = 178 + 40p - 60ph. The following table shows the variable definitions and assumed values. Variable Definition Value Q Processed pork, millions of kg per year p Price of processed pork, Canadian dollars per kg Ph Price of hogs, Canadian dollars per kg 1.5 Pb Price of beef, Canadian dollars per kg 4 Pc Price of chicken, Canadian dollars per kg 3.33 Y Income, thousands of Canadian dollars 12.5e. What is the effect of a one dollar increase in the price of beef on the equilibrium... i. price of processed pork. ii. quantity of processed pork. f. Suppose that the government set the price of processed pork to $4 and agreed to purchase any surplus from farmers. i. What is quantity supplied and quantity demanded? ii. How much will the government have to spend purchasing the surplus? g. Graphically show the effect of an increase in the price of beef from $4 to $6 on the demand for processed pork. What are the new and old price intercepts