Question: The estimated Canadian processed pork demand function (Moschini and Meilke, 1992) is Q=17120p+20pb+3pc+2Y, and the supply function is Q=178+40p60ph. Solve for the equilibrium price and

The estimated Canadian processed pork demand function (Moschini and Meilke, 1992) is Q=17120p+20pb+3pc+2Y, and the supply function is Q=178+40p60ph. Solve for the equilibrium price and quantity in terms of the price of hogs, ph; the price of beef, pb; the price of chicken, pc; and income, Y. If ph=1.5 (dollars per kg), pb=4 (dollars per kg), pc=3 13 (dollars per kg), and Y=12.5 (thousands of dollars), what are the equilibrium price and quantity?

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