Consider the information given in the table on four consumers in the market for premium bottled water. Highest Price Consumer Willing to Pay Jill $4 Jose Josh 2 Jordan 1 If the price of a bottle of premium bottled water is $1.50, the total consumer surplus received by these consumers is $ (Enter your response rounded to two decimal places.) Suppose the price of a bottle of premium bottled water rises to $2.50. Once the price of a bottle of premium bottled water rises to $2.50, the total consumer surplus received by these consumers is $ (Enter your response rounded to two decimal places.)

Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter7: Market Efficiency And Welfare
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Consider the information given in the table on four consumers in the market for premium bottled water.
IT
Highest Price
Consumer
Willing to Pay
Jill
$4
Jose
3
Josh
2
Jordan
1
If the price of a bottle of premium bottled water is $1.50, the total consumer surplus received by these consumers is $
(Enter your response rounded to two decimal places.)
Suppose the price of a bottle of premium bottled water rises to $2.50.
Once the price of a bottle of premium bottled water rises to $2.50, the total consumer surplus received by these consumers is $
(Enter your response rounded to two decimal places.)
Transcribed Image Text:Consider the information given in the table on four consumers in the market for premium bottled water. IT Highest Price Consumer Willing to Pay Jill $4 Jose 3 Josh 2 Jordan 1 If the price of a bottle of premium bottled water is $1.50, the total consumer surplus received by these consumers is $ (Enter your response rounded to two decimal places.) Suppose the price of a bottle of premium bottled water rises to $2.50. Once the price of a bottle of premium bottled water rises to $2.50, the total consumer surplus received by these consumers is $ (Enter your response rounded to two decimal places.)
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