CENGAGE| MINDTAP Module Four Quiz Back to Assignment Attempts Keep the Highest / 5 8 . Consumer and Producer Surplus 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: $9 Cost of first bottle: $1 Value of second bottle: $7 Cost of second bottle: $4 Value of third bottle: $4 Cost of third bottle: $7 Value of fourth bottle: $1 Cost of fourth bottle: $9 The following table shows their respective supply and demand schedules: Price Quantity Demanded Quantity Supplied $1 or less 4 $1 to $4 3 O Dollar Street - Eth....htmlCENGAGE | MINDTAP Module Four Quiz Use Manuel's supply schedule and Hubert's demand schedule to find the quantity supplied and quantity demanded at prices of $2, $5, and $8. Enter these values in the following table. Price Quantity Demanded Quantity Supplied 5 8 A price of $5 _ brings supply and demand into equilibrium. At the equilibrium price, consumer surplus is $3 , producer surplus is $2 , and total surplus is $5 If Manuel produced and Hubert consumed one less bottle of water, total surplus would rise . If instead, Manuel produced and Hubert consumed one additional bottle of water, total surplus would fall Grade It Now Save & Continue Continue without saving Dollar Street - Eth....htmlCENGAGE | MINDTAP Module Four Quiz Value of fourth bottle: $1 Cost of fourth bottle: $9 The following table shows their respective supply and demand schedules: Price Quantity Demanded Quantity Supplied $1 or less 4 $1 to $4 $4 to $7 N N $7 to $9 W O H More than $9 Use Manuel's supply schedule and Hubert's demand schedule to find the quantity supplied and quantity demanded at prices of $2, $5, and $8. Enter these values in the following table. Price Quantity Demanded Quantity Supplied 2 8