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The following is an equation for the demand for turkey estim.pdf

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The following is an equation for the demand for turkey estimated by a group of AGEC 756 students in the fall of 2017 (20 points). Qt=11.60.05Pt0.06PCt+0.0008It Where Qt= consumption of turkey in pounds per year Pt= price of turkey in cents per year PCt= price of chicken in cents per pound It = per capita disposable income in dollars per year. a. What is the income elasticity for turkey if It =$12000 and Qt=15 ? b. What will happen to the consumption of turkey if the price of chicken decreases? c. What will happen to the consumption of turkey if income decreases? d. Sketch a graph of the demand curve if income is $12000 and price of chicken is 50 cents per pound..

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The following is an equation for the demand for turkey estimated by a group of AGEC 756 students in the fall of 2017 (20 points). Qt=11.60.05Pt0.06PCt+0.0008It Where Qt= consumption of turkey in pounds per year Pt= price of turkey in cents per year PCt= price of chicken in cents per pound It = per capita disposable income in dollars per year. a. What is the income elasticity for turkey if It =$12000 and Qt=15 ? b. What will happen to the consumption of turkey if the price of chicken decreases? c. What will happen to the consumption of turkey if income decreases? d. Sketch a graph of the demand curve if income is $12000 and price of chicken is 50 cents per pound.

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The following is an equation for the demand for turkey estim.pdf

  • 1. The following is an equation for the demand for turkey estimated by a group of AGEC 756 students in the fall of 2017 (20 points). Qt=11.60.05Pt0.06PCt+0.0008It Where Qt= consumption of turkey in pounds per year Pt= price of turkey in cents per year PCt= price of chicken in cents per pound It = per capita disposable income in dollars per year. a. What is the income elasticity for turkey if It =$12000 and Qt=15 ? b. What will happen to the consumption of turkey if the price of chicken decreases? c. What will happen to the consumption of turkey if income decreases? d. Sketch a graph of the demand curve if income is $12000 and price of chicken is 50 cents per pound.