Each of 1,000 identical firms in the competitive peanut butter industry has a short-run marginal cost curve given by SMC = 4 + Q

Economics Apr 14, 2023

Each of 1,000 identical firms in the competitive peanut butter industry has a short-run marginal cost curve given by

SMC = 4 + Q.

If the demand curve for this industry is
P= 20 - 3q/1000

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?

Producer surplus: $

Consumer surplus: $