(Solved): Question 3: Use the following graph of the competitive market for cell phones to answer the followin ...

Question 3: Use the following graph of the competitive market for cell phones to answer the following questions.

What is the equilibrium price and equilibrium quantity of cellphones?

EQ- $30 per cell phone    EP- 100 cell phones per month

There would be a (shortage/surplus) equal to ___________ if there was a price floor set at $45.

Shade in and label the consumer surplus at the competitive equilibrium. Also, calculate the value of the consumer surplus.

Shade in and label the producer surplus at the competitive equilibrium. Also, calculate the value of the producer surplus.