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You work for butcher shop in the Middleofnowhere Texas. Your boss wants to raise the price...

You work for butcher shop in the Middleofnowhere Texas. Your boss wants to raise the price of beef from $5 a pound to $6 a pound, but isn’t sure of the effect this will have on the amount of beef the butcher shop sells. The butcher shop currently sells 800 pounds in a week. Since you have an economic background, your boss tasks you with finding out the new quantity demanded of beef given the price increase. What is the answer for your boss given that the own price elasticity of demand for beef is -0.70 and income elasticity of demand is .20? Also, is the butcher shop better or worse off with the price increase and why? Show your work.

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