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Suppose beef is selling at $40/cwt at the farm level and the farm-price elasticity of demand is -0.40. What would be the market-clearing price of

Suppose beef is selling at $40/cwt at the farm level and the farm-price elasticity of demand is -0.40. What would be the market-clearing price of beef if there was suddenly a 2 percent increase in beef supply? (Hint: Assume supply is perfectly inelastic and shifts rightward by 2 percent)

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