1.3 Based on Roberts and Schlenker (forthcoming), the corn demand elasticity is = -0.3, and the...

1.3 Based on Roberts and Schlenker (forthcoming), the corn demand elasticity is ε = -0.3, and the supply elasticity is η = 0.15. According to the 2007 Census of Agriculture, the United States has 347,760 corn farms. Assuming that the farms are of roughly equal size, what is the elasticity of demand facing a single farm? (Hint: See Solved Problem 8.1.)