Exercises

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

—Yogi Berra

All exercises are available on MyEconLab; *=answer* = answer appears at the back of this book; M=mathematicalM = mathematical problem.

1. Demand

  1. *1.1 The estimated demand function (Moschini and Meilke, 1992) for Canadian processed pork is Q=17120p+20pb+3pc+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, pb[&p_{b}&] is the price of beef per kg, pc[&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 pb,pc,[&p_{b}, p_{c},&] and Y at their typical values during ...

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