3.1 Use the following diagram to calculate total consumer surplus at a price of $12 and production of 500 thousand flu vaccinations per day. For the same equilibrium, calculate total producer surplus. Assuming price remained at

$12 but production was cut to 200 thousand vaccinations per day, calculate producer surplus and consumer surplus.

Calculate the deadweight loss from underproduction.

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Price per vaccination ($) 00 16 12 24 24 4 0 20 26 S 100 200 300 400 500 600 700 800 900 Thousands of vaccinations per day D