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 million bushels What would the non-recourse loan program cost with a NR Loan Rate of $7.44/bushel

Croy inc. has the following projected sales for the next five months: month sales in units april 3,850 may 3,875 june 4,260 july 4,135 august 3,590 croy’s finished goods inventory policy is to have 60 percent of the next month’s sales on hand at the end of each month. direct material costs $2.50 per pound, and each unit requires 2 pounds. raw materials inventory policy is to have 50 percent of the next month’s production needs on hand at the end of each month. raw materials on hand at march 31 totaled 3,741 pounds. 1. determine budgeted production for april, may, and june. 2. determine the budgeted cost of materials purchased for april, may, and june. (round your answers to 2 decimal places.)