Problems \& Applications (Ch 07) Suppose Carlos is the only seller in the market for bottled water and Van is the only buyer. The following lists show the value Van places on a bottle of water and the cost Carlas incurs to produce each bottle of water: The following table shows their respective supply and demand schedules: \begin{tabular}{ccc} \hline Price & Quantity Supplied & Quantity Demanded \\ \hline More than 57 & 4 & 0 \\ 55 to 57 & 3 & 1 \\ 53 to 55 & 2 & 2 \\ 51 to 53 & 1 & 3 \\ 51 or less & 0 & 4 \\ \hline \end{tabular} Use Carior's supply schedule and Var's demand schedvle to find the quantity supplid and quantity demanoed at prices or s2; s4, and s6. Enter these vatues in the followng tebie:

Use Carios's supply schedule and Van's demand schedule to find the quantity suppliad and cuantity demanded at prices of s2, s4, and s6. Enter these values in the following tabie. A price of brings supply and demand Into equilibrium. At the equilibrium price, consumer surplus is producer surplus is and total surplus is If Carlos produced and Van consumed orie less bottle of water, total surplus would If instead; Carlos produced and van consumed one addional bottle of water, total surplus would Grade it Now save 8 Continue Continue wehoul saving

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