4.3 SUPPLY AND DEMAND AND MARKET EFFICIENCY LEARNING OBJECTIVE: Explain how consumer and producer surplus are generated 3.1 Use the following diagram to calculate total consumer surplus at a price of $12 and production of 500,000 flu vac cinations per day. For the same equilibrium, calculate total producer surplus. Assuming the price remained at $12, but production was cut to 200,000 vaccinations per day, calcu- late producer surplus and consumer surplus. Calculate the deadweight loss from underproduction. 24 20 5 Price per vaccination (5) 16 12 D 0 100 200 300 400 500 600 700 800 Thousands of vaccinations per day