Problems 4 and 5 of Ch 7 4 5 It s a hot day, Bert rs very thirsty Here s the value he places on a of water: Value of bottle Value of second bottle Value Of thd bottle Value Of fourth bottk $3 $2 a From this information, derive Bert's demand schedule. Graph his c*-rnand curve for bottled water b If the pnce of a bottle of water is Sd.50, how many bottles does Bert Sow much consumer surplus does Bert get from his purchases? Show Bert's consumer surplus in your graph c If the p nce falls to S3_50. how does quanto demanded change? HOV' does Berts consumer surplus change? Show these changes n your gr aph Ernie owns a water pump Because pumpng large amounts of water S h*der than pump.ng small amounts. the cost of producing a bottle of water r ses as he pumps more. Here vS the cost he Incurs to produce each Of water: Cost ot fir* bcttie Cost Of second bottle Cost of third bottle Cost of fourth bottle