Back to Assignment Attempte Score / 5 3 . Problems and Applications Q6 Suppose Alex is the only seller in the market for bottled water and Raphael is the only buyer. The following lists show the value Raphael places on a bottle of water and the cost Alex incurs to produce each bottle of water: Raphael's Value Alex'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 Supplied Quantity Demanded More than $10 $7 to $10 N W $3 to $7 $1 to $3 $1 or less Use Alex's supply schedule and Raphael's demand schedule to find the quantity supplied and quantity demanded at prices of $2, $6, and $9. Enter these values in the following table. Price Quantity Supplied Quantity Demanded E A price of * brings supply and demand into equilibrium At the equilibrium price, consumer surplus is , producer surplus is , and total surplus is s If Alex produced and Raphael consumed one less bottle of water, total surplus would If instead, Alex produced and Raphael consumed one additional bottle of water, total surplus would Save & Continue Continue without saving