work Perfect Competition X MindTap - Cengage Learning ng.cengage.com/static/nb/ui/evo/index.html?deploymentid=48985820043301194889180157&elSBN 9781305387638&id=2105230787&sna CENGAGE MINDTAP omework Perfect Competition Determine the equilibrium price and quantity of satellite navigation devices. Based on this, use the green triangle (triangle symbols) to shade the area representing consumer surplus (CS) at the equilibrium price. Then, use the purple triangle (diamond symbols) to shade the area representing producer surplus (PS) at the equilibrium price. PRICE (Euros per sat nav) 250 200 100 50 50 100 150 QUANTITY (Millions of sat navs) Supply CS PS Demand 200 250 105°F Sunny Assume the preceding graph represents the market for satellite navigation devices in the long run. True or False: The area between the price and the supply curve represents the profit firms earn on intra-marginal units. False O True Total surplus in this market is Hint: You can select the shaded regions to see their areas (in millions of euros). Search work Perfect Competition x MindTap - Cengage Learning x ng.cengage.com/static/nb/ui/evo/index.html?deploymentId=48985820043301194889180157&elSBN 9781305387638&id=2105230787&s CENGAGE MINDTAP mework Perfect Competition Total surplus in this market is Hint: You can select the shaded regions to see their areas (in millions of euros). Assume the government mandates that no more than 75 million satellite navigation devices can be produced. The black line on the graph shows the production restriction of 75 million sat navs. Assume that the new equilibrium price is €175, and that the lowest-cost producers make the sat navs. On the following graph, use the green triangle (triangle symbols) to shade the area representing total consumer surplus (CS) after the production restriction. Next, use the purple quadrilateral (diamond symbols) to shade the area representing total producer surplus (PS) after the production restriction. Finally, use the orange triangle (square symbols) to shade the area representing the deadweight loss caused by the production restriction. ? 105°F Sunny PRICE (Euros per sat nav) 250 200 150 100 50 0 50 100 150 QUANTITY (Millions of sat navs) 200 250 CS PS Deadweight Loss σ Search Grade It Now Save & Continue Continue without saving