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QUESTION 3 Consider a market in which Bert from Exercise 1 is the buyer and Ernie from Exercise 2 is the seller. a. Use Ernie's supply schedule and Bert's demand schedule to find the quantity supplied and quantityr demanded at prices of $2, $4, and 56. Which of these prices brings supply and demand into equilibrium? (5 marks) b. What are consumer surplus, producer surplus, and total surplus in this equilibrium? (5 marks) c. If Ernie produced and Bert consumed one fewer bottle of water, what would happen to total surplus? (5 marks) d. If Ernie produced and Bert consumed one additional bottle of water, what would happen to total surplus? (5 marks) TOTAL MARKS - 20