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 Call $3 to $5 2 $1 to $3 1 3 $1 or less O