Suppose the own-price elasticity of beef demand is -0.75 and own-price elasticity of beef supply...
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Suppose the own-price elasticity of beef demand is -0.75 and own-price elasticity of beef supply is 0.9. Also, suppose that beef demand increases by 2% because of the increase in consumer income. What would be the new equilibrium price and quantity of beef demanded, given the current price for beef is $40/cwt and the quantity bought and sold is 2,000 cwt per day?
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