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Suppose Gilberto is the only seller in the market for bottled water and Charles is the only buyer. The following lists show the value Charles

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Suppose Gilberto is the only seller in the market for bottled water and Charles is the only buyer. The following lists show the value Charles places on a bottle of water and the cost Gilberto incurs to produce each bottle of water: Charles's Value Gilberto's Costs Value of first bottle: $10 Cost of first bottle: $1 Value of second bottle: $7 Cost of second bottle: $3 Value of third bottle: $3 Cost of third bottle: $7 Value of fourth bottle: $1 Cost of fourth bottle: $10 The following table shows their respective supply and demand schedules: Price Quantity Supplied Quantity Demanded More than $10 4 0 $7 to $10 3 $3 to $7 2 $1 to $3 3 $1 or less 0 4Use Gilberto's supply schedule and Charles's demand schedule to find the quantity supplied and quantity demanded at prices of $2, $6, and $9. Enter these values in the following table. Price Quantity Supplied Quantity Demanded 9 A price of * brings supply and demand into equilibrium. At the equilibrium price, consumer surplus is $ , producer surplus is $ and total surplus is $ If Gilberto produced and Charles consumed one less bottle of water, total surplus would If instead, Gilberto produced and Charles consumed one additional bottle of water, total surplus would

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