# 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 The estimated demand function (Moschini and Meilke, 1992) for Canadian processed pork is $Q=171-20p+20{p}_{b}+3{p}_{\text{c}}+2Y,$[&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 ...

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