urve is Qd = 80 - 105 10+ 15 p. equilib - 25 p = 70 and cory the Pri ch . i $350 luciv $300 $250 $200 $150 $100 $50 so 0 10 20 30 40 50 60 70 80 90 100 110 120 Quantity 23) (Use Fig. 4) Assume that the market for the cell phone is in equilibrium in the following graph. Calculate the Figure 4 total consumer surplus A) $4,500 B) $18,000 C) $9,000 D) $13,500 24) (Use Fig. 4) In the diagram below, the maximum price that a consumer is willing to pay for the 20th unit of cell phone equals to A) $300 B) $100 C) $350 D) $400 25) (Use Fig. 4) In the diagram below, the minimum price that a seller is willing to accept for the 40th unit of a cell phone equals to C) $250 D) $300 A) $200 B) $350 Part 2: Answer the following 3 questions. Show your calculations. There are no points if you do not show your calculations. 1. Suppose the market demand curve is given by Q = 50 - 5P, and the market supply curve is given by Q = 14 + P. Calculate the equilibrium price and quantity