In working here problems, assume that you are a policy malyst working for the Secretary of Agriculture. The information you need to mower the questions is given in the table below. Now that quantities are given in million hundredweight forty mar mean 100 Is but that is inclement for these probicum) and prices are ghen in Scut You may not need all the information given in the table below for every question. You will manually enter your mowers into Campus. ENTER ONLY THE NUMERIC ANSWERS ALONG WITH THE UNITS. DO NOT INCLUDE ANY OTHER WORDS IN YOUR ANSWERS, NOTE: Quantities and dollar valves must have THREE decimal places even if they are whole numbers. Prices must be written like this $10 00 gut and must have TWO decimal places even if they are whole numbers. All prices and values must have dollar signs ($). Write out dollar vabars in millions as $1 304 567 million. Equilibrium Price Before Hice On entities and Prices Supply (million cwi) 1.75 189 3-56 Demand (million cut) 189 8 56 Fam Price (Sicwt) 10.50 Consumer price (Shout) 10 40 Target Price ( Sown Support Price (Sicwt) None Government Cau (mil $) NOTE: " = Not applicable I. The Secretary of Agriculture (Mr. Tom Vihak) is considering recommending a surplus purchase program for rice to the President with a support price of $14 00cut. Before he submits his recommendation, he asks you to determine how much rice the goverment will have to purchase to support the price of rice at that level and what the out to the government will be. Fill in the blanks below with your answers to the Secretary. a Surplus to purchase - b. Cost to the government " Congressman Drinksalot is proposing a marketing ban program indeed of a government surplus purchase program to support price of a loan rate of $10.00 get because he claims it will cost the goverment less than the wuphas purchase program. Secretary Vibak wants to know whether the Congressman is right and asks you to calculate the cost of the marketing loan program to the government. Fill in the blanks below with your answers to the Secretary. a. Cost of marketing loan program to the goverment = b. How much move june "+" signj or less (use "-" sign) will the Congressman's proposed program cust?" Sensor Cityslicker doesn't like the Secretary's government surplus parchmic program proposal or Congressman Drinksalot's marketing loan poogram became she says both result in to mach rice production and cut too much. She pooposes a mandatory wereage reduction program to push the price of rice up to $14.03 cut Scumchery Vilsack asks you to calculate the total reduction in rice supply that would be required to punch price to $14.00 ewt under Senior Cityslicker's plan. a. Supply reduction required (Do NOT include a negative sign) - b. Cost of the Senator's program? - BONUS QUESTION (OPTIONAL) (2 points In the previous questions, Calculate the acreage reduction () that would be required if there is 51% slippage (Do NOT include negative sign). 5. The U.S. Rice Producers Association proposes a government funded advertising campaign to promote doincable 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 $140Nowt. Fill in the blank below with your answer to the Secretary. Increased consumption required (Do NOT include a positive sips) = Congrewawoman Know itall doesn't like the policy recommendations of the Secretary, Congressman Drinkalot, Senator City Slicker, or the U.S. Rice Producers Association, She propaice a price kas coverage (PLC) payment program with a Relacion price of $14 0 out and a NR Joan rate set at a much lower $2 QQ cut safety net level because she says this program will lower the price to consumers like Congressman Drinksalot's proposed marketing loan program but will be cheaper than either the Secretary's or Congressman Dunksalot's programs. The Secretary asks you to determine if she is right. What would be Congresswoman Knowitall's proposed program cost? 7. Is Congresswoman Knowitall right ( from Question 5) that ber program lowers the price to consumers like the MLP? (Check and) YES NO CANNOT DETERMINE