Consider a cell phone market with an equilibrium price of 600 and an equilibrium quantity of 150 thousand cell phones. Assume that the quantity demanded at a below.equilibrium price is 3 times the equilibrium quantity,and the quantity supplied at the below-equilibrium price is 1/2 times the equilibrium quantity. Calculate the shortage in the market at the below-equilibrium price. Enter your answer in thousands and as a positive number.

To calculate the shortage in the market at a below-equilibrium price, we need to determine the quantity demanded and the quantity supplied at that price, and then find the difference between them.Given:- Equilibrium price = \$600- Equilibrium quantity = 150 thousand cell phones- Quantity demanded at below-equilibrium price = 3 times the equilibrium quantity- Quantity supplied at below-equilibrium price = times the equilibrium quantityFirst, let's calculate the quantity demanded at the below-equilibrium price: Next, let's calculate the quantity supplied at the below-equilibrium price: Now, we can calculate the shortage by finding the difference between the quantity demanded and the quantity supplied: Therefore, the shortage in the market at the below-equilibrium price is 375 thousand cell phones.