4. The following facts are about the peanut and peanut butter industry.a. Another hot, dry summer has devastated the 2011 peanut crop. Although peanuts are typically planted between mid-April and June, farmers had to wait several weeks after that period for rain.b. Many peanut butter producers looked for ways to cut costs in other areas, such as shipping and warehousing.c. Some farmers had already planted cotton in place of peanuts, given the high price of cotton.d. The scorching heat singed many peanut plants, leaving more peanuts to be processed for oil rather than used for peanut butter.Using demand and supply analysis, describe the effects of these changes on both the peanut and peanut butter industries.
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