How much would you expect the price to change

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When the U.S. government announced that a domestic mad cow was found in December 2003, analysts estimated that domestic supplies would increase in the short run by 10.4% as many other countries barred U.S. beef. An estimate of the price elasticity of beef demand is

(Henderson, 2003). Assuming that only the domestic supply curve shifted, how much would you expect the price to change? (Hint: See the discussion of price flexibility in the application "The Big Freeze.")

Reference no: EM131324525

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