PLEASE USE UP AND DOWN ARROWS TO MOVE BARS AND EXPLAIN IN LAYMAN'S TERMS.

PLEASE ANSWER ALL AND NOT JUST SOME

4 . Total economic surplus The following diagram shows supply and demand in the market for smartphones. Use the black point (plus symbol) to indicate the equilibrium price and quantity of smartphones. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. (?) Demand 300 270 Equilibrium 240 A 210 Consumer Surplus 180 150 PRICE (Dollars per phone) 120 Producer Surplus Supply 15 30 45 60 75 90 105 120 135 150 QUANTITY (Millions of phones) Total surplus in this market is $ million