5. Unexploited gains and wasted resources The following graph shows the supply of (orange curve) and demand for (blue curve) motile phones. Dotarmine the equilbrium price and quaritity of mobule phones. Based on this, use the groen triangle (triangle symbols) to shado the aras representing consumer surplus at the eqcuibrium proe. Then use the purple triangle (diamond symbos) to shade the area representing producer surplis at the equilbrium prion. Total surplus in this market is Suppose the government mandates that the total number of moblle phones produced be na less than 45 milion. The back fine on the following graph stiows the production restriction of 45 million phiones. Suppose the government mandates that the total number of moblle phones produced be no less than 45 million. The btack line on the folloning graph shows the groduction restriction of 45 miliion phones. The minimum price producers are willing to sell the 45 millionth phone for is - For that 45 millionth phone, buyers are willing to pay Therefore, producing and scting that 45 milisonth phone wastes resources worth On the proceding graph, use the black triangle (alus symbols) to shade the arma rupresenting total wasted resources due to the gevernment regulation. At any quantity below the equilibium quantity, there are Similarly, at any quantity above the equilibrium quantity, there are The following graph shows the supply of (orange curve) and demand for (blue curve) mobile phones. Determine the equilibrium price and quantity of mobile phones, Eased on this, trse the green triangle (triangle symbols) to shade the area representing consumer surplus at the equibbrium price. Then use the purple triangle (diamond symbols) to shade the area representing proctucer surplus at the equilibrium price. Total surplus in this market is Suppose the government mandates that the total number of moble phones produced be no less than 45 million. The black line on the following graph shows the production restriction of 45 million phones. The minimum price producers are willing to sell the 45 millionth phone for is For that 45 millionth phone, buyers are willing to pay Therefore, producing and selling that 45 millionth phone wastes resources worth On the precoding graph, the the black triangle (plus symbols) to shade the area representing total wasted resources due to the government regulation. At any quantity below the equilibrium quantity, there are . Similarly, at any quantity above the equalibium quantity, there are