1.The Secretary of Agriculture (Mr. Tom Vilsak) is considering recommending a surplus purchase program for rice to the President with a support price of $14.00/cwt.Before he submits his recommendation, he asks you to determine how much rice the government will have to purchase to support the price of rice at that level and what the cost to the government will be.

Price of elasticity of supply in millions is( .75)

price elasticity of demand in millions is (-.4)

supply and demand equilibrium before programs is 189.886

farm price and consumer price equilibrium before programs is 10.00

what is the surplus to purchase and the cost to government?