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It is a hot day, and Bert is thirsty.

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Question

It is a hot day, and Bert is thirsty.;Here is the value he places on a bottle of water;Value of first bottle $7.00;Value of second bottle $5.00;Value of third bottle $3.00;Value of fourth bottle $1.00;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.;I also attached the worksheet with this problem.

 

Paper#28540 | Written in 18-Jul-2015

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