Each of 1,000 identical firms in the competitive peanut butter industry has a short-run marginal cost curve given by SMC = 3 + Q. If the demand curve for this industry is 20 1,000 ? P = 12 – what will be the short-run loss in producer and consumer surplus if an outbreak of aflatoxin suddenly makes it impossible to produce any peanut butter? Instructions: Round your answers to the nearest whole number. Producer surplus: $ Consumer surplus: $

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Each of 1,000 identical firms in the competitive peanut butter industry has a short-run marginal cost curve given by
SMC = 3 + Q.
If the demand curve for this industry is
P= 12
1,000 ?
what will be the short-run loss in producer and consumer surplus if an outbreak of aflatoxin suddenly makes it impossible to produce
any peanut butter?
Instructions: Round your answers to the nearest whole number.
Producer surplus: $
Consumer surplus: $
Transcribed Image Text:Each of 1,000 identical firms in the competitive peanut butter industry has a short-run marginal cost curve given by SMC = 3 + Q. If the demand curve for this industry is P= 12 1,000 ? what will be the short-run loss in producer and consumer surplus if an outbreak of aflatoxin suddenly makes it impossible to produce any peanut butter? Instructions: Round your answers to the nearest whole number. Producer surplus: $ Consumer surplus: $
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