8 . Consumer and Producer Surplus Suppose Brian is the only seller in the market for bottled water and Tim is the only buyer. The following lists show the value Tim places on a bottle of water and the cost Brian incurs to produce each bottle of water: Tim's Value Brian's Costs Value of first bottle: $9 Cost of first bottle: $1 Value of second bottle: $7 Cost of second bottle: $4 Value of third bottle: $4 Cost of third bottle: $7 Value of fourth bottle: $1 Cost of fourth bottle: $9 The following table shows their respective supply and demand schedules: Price Quantity Supplied Quantity Demanded More than $9 $7 to $9 W $4 to $7 $1 to $4 A W N $1 or less Use Brian's supply schedule and Tim's demand schedule to find the quantity supplied and quantity demanded at prices of $2, $5, and $8. 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 Brian produced and Tim consumed one less bottle of water, total surplus would If instead, Brian produced and Tim consumed one additional bottle of water, total surplus would