Business, 01.03.2021 19:20, morgan4411

Consider the demand function for processed pork in Canada, Qd = p + 20 + 3 + 0.002Y The supply function for processed pork in Canada is: Qs = + p60 p is the price of pork is the price of beef = $4 per kg Q is the quantity of pork demanded is the price of chicken = $3 per kg (measured in millions of kg per year) Y is the income of consumers = $12,500 is the price of a hog = $1.50 per kg Solve for the equilibrium price and quantity for pork. The equilibrium price of pork is $ nothing and the equilibrium quantity of pork is nothing million kg per year. (Enter numeric responses using real numbers rounded up to two decimal places.)

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Consider the demand function for processed pork in Canada, Qd = p + 20 + 3 + 0.002Y The supply...