5. Unexploited gains and wasted resources 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. Based on this, use the green triangle (triangle symbols) to shade the area representing consumer surplus at the equilibrium price. Then use the purple triangle (diamond symbols) to shade the area representing producer surplus at the equilibrium price. 200 A 180 Demand Consumer Surplus 140 120 Producer Surplus 100 PRICE (Dollars per phone) Supply 5 10 15 20 25 30 35 40 45 QUANTITY (Millions of mobile phones) Total surplus in this market is $ million.Suppose the government mandates that the total number of mobile phones produced be no less than 45 million. The black line on the following graph shows the production restriction of 45 million phones. (?) 200 Demand Wasted Resources 160 140 120 100 PRICE (Dollars per phone) 40 20 Supply 10 15 20 25 30 35 40 45 50 QUANTITY (Millions of mobile 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 preceding graph, use the black triangle (plus symbols) to shade the area representing total wasted resources due to the government regulation. 7. Similarly, at any quantity above the equilibrium quantity, there are At any quantity below the equilibrium quantity, there are