QUESTION 1 It is a hot day, and Bert is thirsty. Here is the value he places on a bottle of water: Bottle of Water Value lrialue of first bottle $7 Value of second bottle 5 Value of third bottle 3 lu'aIue of fourth bottle 1 1. From this information, derive Bert's demand schedule. [5 marks} 2. Graph his demand curve for bottled water. (5 marks) 3. If the price of a bottle of water is 54, how mam,r bottles does Bert buy? How much consumer surplus does Bert get from his purchases? Show Bert's consumer surplus in your graph. [5 marks) 4. If the price falls to 52, how does quantity demanded change? How does Bert's consumer surplus change? Show these changes in your graph. (5 marks) TOTAL MARKS - 20