se Hubert's supply schedule and Clancy's demand schedule to find the quantity supplied and quantity demanded at prices of $2, $6, and $9. Enter ese values in the following table. Price Quantity Supplied Quantity Demanded 9. price of_▼ brings supply and demand into equilibrium. the equilibrium price, consumer surplus is s producer surplus is $ |, and total surplus is $ Hubert produced and Clancy consumed one less bottle of water, total surplus would instead, Hubert produced and Clancy consumed one additional bottle of water, total surplus would
se Hubert's supply schedule and Clancy's demand schedule to find the quantity supplied and quantity demanded at prices of $2, $6, and $9. Enter ese values in the following table. Price Quantity Supplied Quantity Demanded 9. price of_▼ brings supply and demand into equilibrium. the equilibrium price, consumer surplus is s producer surplus is $ |, and total surplus is $ Hubert produced and Clancy consumed one less bottle of water, total surplus would instead, Hubert produced and Clancy consumed one additional bottle of water, total surplus would
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Suppose Hubert is the only seller in the market for bottled water and Clancy is the only buyer. The following lists show the value Clancy places on a
bottle of water and the cost Hubert incurs to produce each bottle of water:
Clancy's Value
Hubert'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
$7 to $10
1
$3 to $7
2
2
$1 to $3
1
3
$1 or less
4
Transcribed Image Text:Use Hubert's supply schedule and Clancy'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
2
6
A price of_V brings supply and demand into equilibrium.
At the equilibrium price, consumer surplus isS
producer surplus is $
and total surplus is $
If Hubert produced and Clancy consumed one less bottle of water, total surplus would v
If instead, Hubert produced and Clancy consumed one additional bottle of water, total surplus would
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