Given the inverse demand function for pork (Question 1.1) is p = 14.30 – 0.05Q, how much would the price have to rise for consumers to want to buy 2 million fewer kg of pork per year?Question 1.1The estimated demand function (Moschini and Meilke, 1992) for Canadian processed pork is Q = 171 – 20p + 20pb + 3pc + 2Y, where Q is the quantity in million kilograms (kg) of pork per year, p is the dollar price per kg (all prices cited are in Canadian dollars), pb is the price of beef per kg, pc 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, and Y at their typical values during the period studied: pb = 4, pc = 3 1/3 , and Y = 12.5?
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