7 . Producer Surplus Supperin that demand for French Bread falls. Thatrats the offer this has on the market for French Dried. Supply Price of Frinch Brist Dunnlily of French Braid Producer surplus in the market for French bread T . Thesteals the office the quality change in Frivich tried has on the market for Hour. (7) Quality of Hour Producer surplus in the marked for four8 . Consumer and Producer Surplus Suppose Hubert is the only seller in the market for bottled water and Clancy is the only buyer. The following lists show the value Clancy places on a bottle of water and the cost Hubert incurs to produce each bottle of water: Clancy's Value Hubert's Costs Value of first bottle: $7 Cost of first bottle: $1 Value of second bottle: $5 Cost of second bottle: $3 Value of third bottle: $3 Cost of third bottle: $5 Value of fourth bottle: $1 Cost of fourth bottle: $7 The following table shows their respective supply and demand schedules: Price Quantity Supplied Quantity Demanded More than $7 $5 to $7 $3 to $5 $1 to $3 f w $1 or less Use Hubert's supply schedule and Clancy's demand schedule to find the quantity supplied and quantity demanded at prices of $2, $4, and $6. Enter these values in the following table. Price Quantity Supplied Quantity Demanded 2 A price of _ brings supply and demand into equilibrium. At the equilibrium price, consumer surplus is |$ , producer surplus is $ , and total surplus is $ If Hubert produced and Clancy consumed one less bottle of water, total surplus would _ If instead, Hubert produced and Clancy consumed one additional bottle of water, total surplus would