5.4 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 -0.626 (Henderson, 2003). Assuming that only the domestic supply curve shifted, how much would you expect the price to change? (Note:

The U.S. price fell by about 15% in the first month, but that probably reflected shifts in both supply and demand curves.) M