8 . Consumer and Producer Surplus Suppose Tim is the only seller in the market for bottled water and Nick is the only buyer. The following lists show the value Nick places on a bottle of water and the cost Tim incurs to produce each bottle of water: Nick's Value Tim's Costs Value of first bottle: $10 Cost of rst bottle: $1 Value orsecond bottle: $? Cost of second bottle: $3 Value of third bottle: $3 Cost of third bottle: $7? Value of fourth bottle: $1 Cost of fourth bottle: $10 The following table shows their respective supply and demand schedules: Price Quantity Demanded Quantity Supplied $1 or less 4 0 $1 to $3 3 1 $3 to $3\" 2 2 Eli? to $10 1 3 More than $10 0 4 Use Tim's supply schedule and Nick's demand schedule to find the quantity supplied and quantity demanded at prices of $2, $6, and $9. Enter these values in the following table. Price Quantity Demanded Quantity Supplied 2 E E 6 E E 9 E E A price of V brings supply and demand into equilibrium. At the equilibrium price, consumer surplus is- , producer surplus is- and total surplus is . If Tim produced and Nick consumed one less bottle of water, total surplus would V If instead, Tim produced and Nick consumed one additional bottle of water, total surplus would V