   # It is a hot day, and Bert is thirsty. Here is the value he places on each bottle of water: Value of first bottle $7 Value of second bottle$5 Value of third bottle $3 Value of fourth bottle$1 a. From this information, derive Bert ' s demand schedule. Graph his demand curve for bottled water. b. If the price of a bottle of water is $4, how many bottles does Bert buy? How much consumer surplus does Bert get from his purchases? Show Bert ' s consumer surplus in your graph. c. If the price falls to$2, how does quantity demanded change? How does Bert ' s consumer surplus change? Show these changes in your graph. ### Essentials of Economics (MindTap C...

8th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781337091992

#### Solutions

Chapter
Section ### Essentials of Economics (MindTap C...

8th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781337091992
Chapter 7, Problem 4PA
Textbook Problem
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## It is a hot day, and Bert is thirsty. Here is the value he places on each bottle of water:Value of first bottle    $7Value of second bottle$5Value of third bottle    $3Value of fourth bottle$1a. From this information, derive Bert's demand schedule. Graph his demand curve for bottled water.b. If the price of a bottle of water is $4, how many bottles does Bert buy? How much consumer surplus does Bert get from his purchases? Show Bert's consumer surplus in your graph.c. If the price falls to$2, how does quantity demanded change? How does Bert's consumer surplus change? Show these changes in your graph.

Subpart (a):

To determine

The demand curve for water and the consumer surplus.

### Explanation of Solution

We have given the value that the individual gives to each additional bottled of water and it can be tabulated as follows:

 Price Quantity demanded More than $7 0$5 to $7 1$3 to $5 2$1 to \$3 3 ...

Subpart (b):

To determine

The demand curve for water and the consumer surplus.

Subpart (c):

To determine

The demand curve for water and the consumer surplus.

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