1. (10 points) You are an economist for the Commerce Department. Buffalo meat has less fat and more protein than beef.There are a number people for whom beef is not a substitute. For health reasons they eat only buffalo.As a result, the elasticity of demand for buffalo meat is -.75.Because it is very profitable, more firms have gone into the business of raising buffalo.As a result, the supply of buffalo meat is 21 percent higher this year than last.Your superiors wish to know what will be the percentage change in the price of buffalo meat and what will be the percentage change in revenues going to those who raise buffaloes? (Show all your work)