Back to Assignment Attempts Average / 5 6. Problems and Applications Q6 Suppose Felix is the only seller in the market for bottled water and Carlos is the only buyer. The following lists show the value Carlos places on a bottle of water and the cost Felix incurs to produce each bottle of water: Carlos's Value Felix'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 $3 to $7 OH NW WN $1 to $3 $1 or less Use Felix's supply schedule and Carlos'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 A price of brings supply and demand into equilibrium. At the equilibrium price, consumer surplus is producer surplus is $ and total surplus is $ If Felix produced and Carlos consumed one less bottle of water, total surplus would If instead, Felix produced and Carlos consumed one additional bottle of water, total surplus would Grade It Now Save & Continue continue without saving