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8 . Consumer and Producer Surplus Suppose Raphael is the only seller in the market for bottled water and Larry is the only buyer. The following lists show the value Larry places on a bottle of water and the cost Raphael incurs to produce each bottle of water: Larry's Value Raphael'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 $4 to $7 IN IN $1 to $4 o $1 or less Use Raphael's supply schedule and Larry'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 00 UT A price of brings supply and demand into equilibrium. At the equilibrium price, consumer surplus is $ , producer surplus is $ , and total surplus is $ If Raphael produced and Larry consumed one less bottle of water, total surplus would If instead, Raphael produced and Larry consumed one additional bottle of water, total surplus would Use Raphael's supply schedule and Larry's demand schedule to find the quantity supplied and quantity demanded at prices of $2, $5 these values in the following table. Price Quantity Supplied Quantity Demanded 00 A price of brings supply and demand into equilibrium. $2 At the equ price, consumer surplus is $ , producer surplus is $ , and total surplus is |$ $5 If Raphael ed and Larry consumed one less bottle of water, total surplus would $8 If instead, Raphael produced and Larry consumed one additional bottle of water, total surplus would A price of brings supply and demand into equilibrium. fall At the equilibrium price, consumer surplus is |$ , producer surplus is |$ al surplus is $ rise If Raphael produced and Larry consumed one less bottle of water, total surplus would If instead, Raphael produced and Larry consumed one additional bottle of water, total surplus would At the equilibrium price, consumer surplus is $ , producer surplus is $ , and total surplus is $ fall If Raphael produced and Larry consumed one less bottle of water, total surplus would rise If instead, Raphael produced and Larry consumed one additional bottle of water, total surplus would