Sub : EconomicsPls answer very fast.I ll upvote. Thank You 5. Problems and Applications Q5Edison owns a water pump. Because pumping large amounts of water is harder than pumping small amounts, the cost of producing a bottle of waterrises as he pumps more. Here is the cost he incurs to produce each bottle of water:Cost of first bottle: $2Cost of second bottle: $4Cost of third bottle: $6Cost of fourth bottle: $8From this information, complete the following table by deriving Edison's supply schedule.Quantity Supplied4PriceMore than $8$6 to $8$4 to $6$2 to $4$2 or less3210 Based on Edison's willingness to sell, plot his supply curve as a step function on the following graph using the orange points (square symbol). Be sureto plot your first point at (0, 0).Price of Water10981001Quantity of Water4Edison's SupplyPrice $5*Quantity Sold●Producer Surplus(?Suppose the price of a bottle of water is $5.Use the black line (plus symbol) to draw a price line at $5. Next use the grey point (star symbol) to indicate how many bottles of water Edison willproduce and sell at that price. Finally, use the purple point (diamond symbol) to shade the area that represents Edison's producer surplus.In this case, Edison receives $in producer surplus from his water sales.If the price rises to $7, Edison now sellsbottles of water. Thishis producer surplus to

Using the given information’s, we can construct the table for supply schedule as follows.

5. Problems and Applications Q5 Edison owns a water pump. Because pumping large amounts of water is harder than pumping small amounts, the cost of producing a bottle of water rises as he pumps more. Here is the cost the incurs to produce each bottle of water Cost of first bette: $2 Cost of second boe: $4 Cost of third bos6 Cost of fourth botte: ss From this information, complete the following table by deriving Edison's supply schedule. Price Quantity Supplied More than $8 $6 to $8 $4 to $6 $2 to $4 $2 or less 1 O

5. Problems and Applications Q5 Edison owns a water pump. Because pumping large amounts of water is harder than pumping small amounts, the cost of producing a bottle of water rises as he pumps more. Here is the cost the incurs to produce each bottle of water Cost of first bette: $2 Cost of second boe: $4 Cost of third bos6 Cost of fourth botte: ss From this information, complete the following table by deriving Edison's supply schedule. Price Quantity Supplied More than $8 $6 to $8 $4 to $6 $2 to $4 $2 or less 1 O

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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