Based on Edison's willingness to pay, plot Edison's demand curve as a step function on the following graph using blue points (circle symbol) beginning at a quantity of 0 bottles of water. (?) 10 O Edison's Demand Co +- Price = $6 Price of Water Quantity Purchased CO A N Consumer Surplus 2 3 Quantity of Water Suppose the price of a bottle of water is $6. Use the black line (plus symbol) to draw a price line at $6. Next use the grey point (star symbol) to indicate how many bottles of water Edison will buy at that price. Finally, use the green point (triangle symbol) to shade the area that represents Edison's consumer surplus from his purchases. In this case, Edison receives $ in consumer surplus from his water purchase. If the price falls to $3, Edison now buys bottles of water. This his consumer surplus to $1. Ch. 7 Problems and Applications Q4 It is a hot day, and Edison is thirsty. Here is the value he places on a bottle of water: Value of first bottle: $9 Value of second bottle: $7 Value of third bottle: $4 Value of fourth bottle: $1 From this information, complete the following table by deriving Edison's demand schedule. Price Quantity Demanded More than $9 $7.01 to $9 $4.01 to $7 $1.01 to $4 $1 or fewer