Suppose the own-price elasticity of demand for beef is -0.8 and the own-price elasticity of supply of beef is 0.9. Due to a newly introduced government policy, beef supply increases by 2% with no change in the demand for beef. Assuming that the current price for beef is 40/cwt and the quantity bought and sold is 2,000 cwt per day, find the new equilibrium price and quantity of beef (round your answers to two decimal places). Question 2 options: New price = 32.24/cwt. and new quantity = 2010.39 cwt. New price = 34.78/cwt. and new quantity = 2013.11 cwt. New price = 39.53/cwt. and new quantity = 2018.88 cwt. New price = 44.58/cwt. and new quantity = 2053.87 cwt. New price = 48.13/cwt. and new quantity = 2088.09 cwt