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I. Problems (50 points) Assume you work as a corn policy analyst in the Economic Research Service of the U.S. Department of Agriculture. Your Branch Chief comes to you with an assignment from the Secretary of Agriculture's office. They want you to calculate the benefit of the corn program under the provisions of the 2018 Farm Bill (which are identical to the 2014 Farm Bill in these problems) for a typical corn farmer who chooses the Price Loss Coverage Program for various scenarios. Using the information for a "typical" corn farmer provided below which assumes "normal weather", calculate the various government payments the farmer would receive, the market value of his/her corn, and the total revenue for this typical corn farmer at the 5 price levels given in the table. Put your answers for this "normal weather" scenario in the table provided below. Follow the same process for each of the subsequent four scenarios. Round your answers to the nearest dollar. You can use the area beneath each table to do the needed calculations. When you are satisfied wit your answers on the worksheet, enter them into eCampus. Corn reference price $3.70/bu Corn base acreage 500 acres Corn loan rate $1.95/bu Actual corn acreage 750 acres Corn program yield 200 bu/acre Actual corn yield 225 bu/acre Scenario 1: Normal Weather Payments Price Loss Market Total Market price LDP/MLG Coverage Revenue Revenue $5.24/bu $3.33/bu $1.94/bu $1.27/bu $0.00/bu