Microeconomics: Theory and Applications with Calculus, 4e

Exercises

If you ask me anything I don’t know, I’m not going to answer.

—Yogi Berra

All exercises are available on MyEconLab; ${*}^{}=\text{answer}$* = answer appears at the back of this book; $\mathbf{\text{M}}=\mathit{\text{mathematical}}$M = mathematical problem.

1. Demand 

1. *1.1 The estimated demand function (Moschini and Meilke, 1992) for Canadian processed pork is $Q=171-20p+20p_b+3p_{\text{c}}+2Y,$[&Q|=|171|-|20p|+|20p_{b}|+|3p_{~rom~c}|+|~normal~2Y,~norm~&] where Q is the quantity in million kilograms (kg) of pork per year, p is the dollar price per kg, $p_b$[&p_{b}&] is the price of beef per kg, $p_c$[&p_{c}&] is the price of chicken in dollars per kg, and Y is average income in thousands of dollars. What is the demand function if we hold $p_b,p_c,$[&p_{b}, p_{c},&] and Y at their typical values during ...