Each of 1,000 identical firms in the competitive peanut butter industry has a short-run marginal cost curve given by SMC = 5+ Q. If the demand curve for this industry is P = 21 - 3Q 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: $lit firm in a competitive industry has a total cost function of TC = 0.402 30+ 26. whose corresponding marginal cost cunre is MC = [180 3. Instructions: Round your answer to 1 decimal place. If the firm faces a price of 6, what quantity should it sell? a =: Instructions: Round your answer to the nearest pennyr (2 decimal places]. II.I'y'hat profit does the firm make at this price? 35: Should the firm shut down? (:3- Yes. the firm can break even. (:3- No. the firm has longrun losses and should shut down. (:3- No. the firm has shortrun losses and should shut down. C:- No. the firm is making a profit and should stay open