Maple-syrup makers strike gold Sugaring season in Vermont is going full blast. Vermont, the biggest U.S. syrup producer, produces about 500,000 gallons a year. In 2007, maple syrup cost an average of $35 a gallon; this year, the price is $45 a gallon. Canada is usually a huge producer, but with a poor season it has seen a 30 percent drop in production. As consumers turn to natural and organic products and buy locally made food, demand for maple syrup has rocketed.
Starting with the industry in long-run equilibrium, explain how the increase in the demand for maple syrup, other things remaining the same, affects the maple syrup market and an individual producer in the short run.