When the U.S. government announced that a domestic mad cow was found in December

When the U.S. government announced that a domestic mad cow was found in December 2003 many other countries barred imports of U.S. beef resulting in U.S. suppliers of beef having to sell all their beef on the domestic U.S. market. As a result, analysts estimated that the amount of beef sold in the domestic U.S. market would increase by 10.4%. An estimate of the price elasticity of beef demand is -1.6. Assuming that the demand curve for beef in the U.S. did not shift as a result of this news, how much would you expect the price for beef in the U.S. to change?