How do you set up and compute the amount of rice consumed that raises the price to 14$/cwt

4. The U.S. Rice Producers Association proposes a government funded advertising campaign to promote domestic rice consumption. They propose that the slogan for the rice promotion program should be "Try the sticky little white stuff that most of the rest of the world eats because you'll like it and besides it will help rice farmers." (Time to hire an advertising agency to come up with a better slogan!) Anyway, the Secretary wants to know how much more rice people will have to eat to get the price of rice up to $14.00/cwt. Fill in the blank below with your answer to the Secretary- Increased consumption required =I. Costs of Policy Proposals (50%) In working these problems, assume that you are a policy analyst working for the Secretary of Agriculture. The information you need to answer the questions is given in the table below. Note that quantities are given in million hundredweight (cwt) and prices are given in S/cwt. You may not need all the information given in the table for every question. You must show your work on one or more separate sheets and staple them to the problem set. Equilibrium price Before Rice Quantities and Prices elasticities Programs Supply (million cwt) 0.75 189.886 Demand (million cwt) -0.4 189.886 Farm Price (S/cwt) 10.00 Consumer price (S/cwt) 10.00 Target Price (S/cwt) None Support Price (S/cwt) None Government Cost (mil $) None NOTE: -- = Not applicable