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ics Lecture 2 - 3: Preferences and Utility functions - Adobe Acrobat Reader (64-bit) dow Help Intermediate Micro... x T 25 / 32 + 72.8% ... Exercise Calculate own price elasticity? [5] ii. Is the demand for pork meat price elastic? Defend your answer [7] iii. Calculate cross price elasticity? [6] iv . Is beef a substitute to pork meat ? Defend your answer [71 V . Calculate Income elastic? [5] vi. Is pork meat a normal good? Defend your answer [5] here to search P 188 acer 19 10 F11cture 2 - 3: Preferences and Utility functions - Adobe Acrobat Reader (64-bit) Help ermediate Micro... x 24 / 32 + 72.8% Class Exercise Marks: 35 Suppose the demand for porkis given as: Q. = 12 - 0.5P, + 0.8P2 + 0.002M Where: P, - Price of pork P2 - Price of Beef M = Consumer Income According to current market prices, pork cost N$5 per unit, Beef cost N$6 per unit, and annual disposal income is NS20 000 per capita. to search O 88 acer F6 F9 F10 F11 F12 SysRa 8 U D