The table below summarizes the seller's cost and buyer's value for each possible quality grade level: Quality Grade Unit Buyer's Value Seller's Cost 1 (low quality) 1 $4 $1.40 2 N/A $2.40 2 (medium quality) 1 $8.80 $4.60 2 N/A $5.60 3 (high quality) 1 $13.60 $11 2 N/A $12 During periods 1-4, both the buyers and sellers had full information about the good's quality grade at the time of purchase. In periods 5-7, however, buyers could not observe the good's quality grade prior to purchase. That is, only the sellers knew the true quality of the good when they were selling to one of the buyers. 1. For this question, you will use the information in the table above to determine which quality grade is the most efficient for the buyers and sellers to trade. To do this, you need to calculate the total surplus for each of the quality grades separately. Total surplus = buyer's value - seller's cost. Assume for now that there is one seller and two buyers. What is the value of total surplus if the seller chooses to sell quality grade #1 to each of the buyers? That is, one buyer purchases the