8 . Consumer and Producer Surplus Suppose Gilberto is the only seller in the market for bottled water and Charles is the only buyer. The following lists show the value Charles places on a bottle of water and the cost Gilberto incurs to produce each bottle of water: Charles's Value Gilberto'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 Demanded Quantity Supplied $1 or less 4 0 $1 to $3 $3 to $5 2 N $5 to $7 W More than $7 0 4The following table shows their respective supply and demand schedules: Price Quantity Demanded Quantity Supplied $1 or less 4 0 $1 to $3 3 $3 to $5 2 NJ $5 to $7 More than $7 0 4 Use Gilberto's supply schedule and Charles'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 Demanded Quantity Supplied 2 4 6 A price of brings supply and demand into equilibrium.Use Gilberto's supply schedule and Charles'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 Demanded Quantity Supplied 2 4 6 A price of * brings supply and demand into equilibrium. At the equilibrium price, consumer surplus is $ , producer surplus is $ , and total surplus is $ If Gilberto produced and Charles consumed one less bottle of water, total surplus would If instead, Gilberto produced and Charles consumed one additional bottle of water, total surplus would