OTHER WORDS IN YOUR ANSWERS, NOTE: Quantities and dollar values must have THREE decimal places even if they are whole numbers. Prices must be written like this $10.00/cwt and must have TWO decimal places even if they are whole numbers. All prices and values must have dollar signs ($). Write out dollar values in millions as $1,234.567 million. Rice Quantities and Prices Supply (million cwt) price elasticities 0.75 Equilibrium Before Programs 189.886 Demand (million cwt) -0.4 189.886 Farm Price ($/cwt) 10.00 Consumer price ($/cwt) 10.00 1 Target Price (S/cwt) -- None Support Price (S/cwt) -- None Government Cost (mil S) -- None NOTE: -- = Not applicable. 4. BONUS QUESTION (OPTIONAL) (2 points): In the previous questions, Calculate the acreage reduction (%) that would be required if there is 5% slippage (Do NOT include negative sign). 5. 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 (Do NOT include a positive sign) = OTHER WORDS IN YOUR ANSWERS, NOTE: Quantities and dollar values must have THREE decimal places even if they are whole numbers. Prices must be written like this $10.00/cwt and must have TWO decimal places even if they are whole numbers. All prices and values must have dollar signs ($). Write out dollar values in millions as $1,234.567 million. Rice Quantities and Prices Supply (million cwt) price elasticities 0.75 Equilibrium Before Programs 189.886 Demand (million cwt) -0.4 189.886 Farm Price ($/cwt) 10.00 Consumer price ($/cwt) 10.00 1 Target Price (S/cwt) -- None Support Price (S/cwt) -- None Government Cost (mil S) -- None NOTE: -- = Not applicable. 4. BONUS QUESTION (OPTIONAL) (2 points): In the previous questions, Calculate the acreage reduction (%) that would be required if there is 5% slippage (Do NOT include negative sign). 5. 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 (Do NOT include a positive sign) =