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Calculate total surplus

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Reference no: EM131611896

Question: The figure shows the competitive market for cellphones.

1212_5.png

a. What is the market equilibrium?

b. Shade in the consumer surplus and label it.

c. Shade in the producer surplus and label it.

d. Calculate total surplus.

e. Is the market for cellphones efficient?

Reference no: EM131611896

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