You have collected the data below from 1971 to 2010 on quantity demanded for por

Question

You have collected the data below from 1971 to 2010 on quantity demanded for pork, pork price, beef price, poultry price, and income. The last row contains the average quantities for each variable. Given the data I requested that you estimate a demand function for pork. Pork - Quantity Demanded (million lbs /year) Pork Price ($/cwt) Beef Price ($/cwt) Poultry Price ($/cwt) Income ($) 1971 1400 168 250 75 3001 1972 1302 175 198 79 2986 | | | | | | 2010 1150 171 213 76 3083 Average 1325 172 226 78 3069 1. How would you go about doing this? 2. You estimated the demand function for pork as: Qdpork = 765

Explanation / Answer

ANSWER IS AT www.umanitoba.ca/afs/.../Manitoba_pig_and_pork_profile_2011.pdf

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