Business, 22.02.2021 19:40 brid7931

Suppose Manuel is the only seller in the market for bottled water and Hubert is the only buyer. The following lists show the value Hubert places on a bottle of water and the cost Manuel incurs to produce each bottle of water: Hubert's Value Manuel's Costs
Value of first bottle: $10 Cost of first bottle: $1
Value of second bottle: $7 Cost of second bottle: $3
Value of third bottle: $3 Cost of third bottle: $7
Value of fourth bottle: $1 Cost of fourth bottle: $10
The following table shows their respective supply and demand schedules:
Price Quantity Demanded Quantity Supplied
$1 or less 4 0
$1 to $3 3 1
$3 to $7 2 2
$7 to $10 1 3
More than $10 0 4
Use Raphae's supply schedule and Larry's demand schedule to find the quantity supplied and quantity demanded at prices of $2, $5, and $8.
A price ofbrings supply and demand into equilibrium.
At the equilibrium price, consumer surplus isproducer surplus is, and total surp is.
If Raphael produced and Larry consumed one less bottle of water, total surplus would.
if instead, Raphael produced and Larry consumed one additional bottle of water, total surplus would.

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Suppose Manuel is the only seller in the market for bottled water and Hubert is the only buyer. The...