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Suppose that in August the USDA revises its forecast of this year’s U.S. corn harvest, saying...

Suppose that in August the USDA revises its forecast 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 -0.25, 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. Show your work.

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