Based on Roberts and Schlenker$($forthcoming$),$ the corn dem

and elasticity is

epsilonequals$=$negative $0\mathrm{.}30\mathrm{.}3,$

and the supply elasticity is

eta Subscript ooequals$=0\mathrm{.}150\mathrm{.}15.$

According to the $2007$ Census of$$ Agriculture, the United States has

$347$ comma $760347,760$

corn farms. Assuming that the farms are of roughly equal$$ size, what is the elasticity of demand facing a single$$ farm?$$

$($Hint$$:

See Solved Problem$8\mathrm{.}1.)$

Part $2$

The residual demand elasticity facing a firm

$($epsilon Subscript ii$)$

is