MindTap - Cengage Learning X + V X -> C A ng.cengage.com/staticb/ui/evo/index.html?eISBN=9780357133606&id=1834966674&snapshotld=3545333& ABP Marvin v CENGAGE |MINDTAP Q Search this course ? My Home Problems & Applications (Ch 07) X Courses 4. Problems and Applications Q4 Catalog and Study Tools It is a hot day, and Alex is thirsty. Here is the value he places on a bottle of water: Rental Options A-Z College Success Tips Value of first bottle: $7 Value of second bottle: $5 Career Success Tips Value of third bottle: $3 ? Help Value of fourth bottle: $1 Give Feedback bongo From this information, complete the following table by deriving Alex's demand schedule. Price Quantity Demanded More than $7 $5.01 to $7 A+ $3.01 to $5 $1.01 to $3 $1 or fewer Based on Alex's willingness to pay, plot Alex's demand curve as a step function on the following graph using blue points (circle symbol) beginning at a quantity of 0 bottles of water. (? ) Type here to search a P ON O 58OF 2:03 PM 994 10/21/2023MindTap - Cengage Learning X + V X -> C A ng.cengage.com/staticb/ui/evo/index.html?eISBN=9780357133606&id=1834966674&snapshotld=3545333& ABP Marvin v CENGAGE |MINDTAP Q Search this course ? My Home Problems & Applications (Ch 07) X Courses Based on Alex's willingness to pay, plot Alex's demand curve as a step function on the following graph using blue points (circle symbol) beginning at a Catalog and Study Tools quantity of 0 bottles of water. Rental Options A-Z (? College Success Tips Career Success Tips 10 O ? Help Alex's Demand Co Give Feedback + Price = $4 bongo Price of Water A Quantity Purchased w A N Consumer Surplus Adaptive Test Prep A+ 3 Quantity of Water Suppose the price of a bottle of water is $4. Type here to search a P ON A O Um 2:04 PM 994 58F ~ 207) 10/21/2023MindTap - Cengage Learning X + V X -> C A ng.cengage.com/staticb/ui/evo/index.html?eISBN=9780357133606&id=1834966674&snapshotld=3545333& ABP Marvin v CENGAGE |MINDTAP Q Search this course ? My Home Problems & Applications (Ch 07) X Courses 10 O Catalog and Study Tools Alex's Demand co Rental Options A-Z College Success Tips 6 Price = $4 Career Success Tips Price of Wate Quantity Purchased ? Help W A Give Feedback N Consumer Surplus bongo 0 3 Quantity of Water Suppose the price of a bottle of water is $4. A+ Use the black line (plus symbol) to draw a price line at $4. Next use the grey point (star symbol) to indicate how many bottles of water Alex will buy Flashcards at that price. Finally, use the green point (triangle symbol) to shade the area that represents Alex's consumer surplus from his purchases. In this case, Alex receives $ in consumer surplus from his water purchase. If the price falls to $2, Alex now buys bottles of water. This his consumer surplus to $ Type here to search a P N 2:04 PM 99+ 58F ~ 07(1) 10/21/2023