# 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.

### Principles of Microeconomics

7th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305156050

### Principles of Microeconomics

7th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305156050

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Chapter 7, Problem 4PA
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