Suppose that in August the USDA revises its fore cast of this year's U.S. corn harvest, saying that the quantity supplied would be 4% higher than previous forecasts. The price elasticity of demand for corn is -0.5, and the forecast for the harvest-time price of corn before USDA's announcement was $7.00. Calculate the new forecast for the price of corn at harvest. The new forecast for the price of com at harvest is $0.44, The new forecast for the price of com at harvest is $6.44. The new forecast for the price of com at harvest is $24.44. OOOOO The new forecast for the price of com at harvest is $4.44. The new forecast for the price of com at harvest is $14.44.The government wants to implement a tax on sugary drinks to reduce consumption, The price elasticity of demand for soda is -0.80. If the government Implements a 10%% tax, how much is demand expected to dedine? The 10% increase in price will result in 18% decline in demand for soda. The 10% increase in price will result in 48% decline in demand for soda OOOO The I 0% increase in price will result in 28% decline in demand for soda The 10% increase in price will result in 8% decline in demand for soda