Question: Given the following long run demand function for pork, calculate the own-price elasticity of demand and the cross price elasticity of demand with respect to

Given the following long run demand function for pork, calculate the own-price elasticity of demand and the cross price elasticity of demand with respect to beef. The average price of beef is $210 / cwt, the average price of poultry is $75 / cwt, and the average income is $3010. The average quantity and price of pork is 1300 million lbs / year and $170 / cwt, respectively.

Quantity Demanded of Pork in million lbs. = 360 - 3.10(Price of Pork in $ / cwt) + 1.30(Price of Beef in $ / cwt) + 1.70(Price of Poultry in $ / cwt) + 0.11(Income in billion dollars)

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