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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
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 = 21 _+ 20 1,000 1 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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