Question: What would the Price Loss Coverage program with a reference price of 7.44/bu and a NR Loan Rate of $3.00/bu? UESTION 37 The Secretary of

What would the Price Loss Coverage program with a reference price of 7.44/bu and a NR Loan Rate of $3.00/bu?

UESTION 37 The Secretary of Agriculture is concerned about the costs of three possible wheat programs: (1) a Non-Recourse Loan (government surplus purchase) Program; (2) a Marketing Loan Program; and (3) a Price Loss Coverage program. Answer his questions below in Questions 37 through 39 given the information below. Information given: Price elasticity of supply 0.25 Equilibrium price with no policy $6.20/bushel Price elasticity of demand -1.25 Equilibrium quantity with no policy 10.00 billion bushels

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