Cost of first bottle: $1Cost of second bottle: $3Cost of third bottle: $5Cost of fourth bottle: $7From this information, complete the following table by deriving Gilberto's supply schedule.PriceQuantity Supplied$1 or less$1 to $3$3 to $5$5 to $7More than $7Based on Gilberto's willingness to sell, plot his supply curve as a step function on the followinggraph using the orange points (square symbol). Be sure to plot your first point at (0, 0).Price of Water1098721002Quantity of Water3Suppose the price of a bottle of water is $4.In this case, Gilberto receives $Gilberto's Supply-+If the price rises to $6, Gilberto now sellsproducer surplus to $Price = $4*Quantity SoldUse the black line (plus symbol) to draw a price line at $4. Next use the grey point (star symbol)to indicate how many bottles of water Gilberto will produce and sell at that price. Finally, use thepurple point (diamond symbol) to shade the area that represents Gilberto's producer surplus.Producer Surplusin producer surplus from his water sales.bottles of water. Thishis

The supply curve depicts the units of the commodity that producers are ready and willing to supply…

Suppose the price of a bottle of water is $4. Use the black line (plus symbol) to draw a price line at $4. Next use the grey point (star symbol) to indicate how many bottles of water Gilberto will produce and sell at that price. Finally, use the purple point (diamond symbol) to shade the area that represents Gilberto's producer surplus. In this case, Gilberto receives $ in producer surplus from his water sales. If the price rises to $6, Gilberto now sells producer surplus to bottles of water. This his

Suppose the price of a bottle of water is $4. Use the black line (plus symbol) to draw a price line at $4. Next use the grey point (star symbol) to indicate how many bottles of water Gilberto will produce and sell at that price. Finally, use the purple point (diamond symbol) to shade the area that represents Gilberto's producer surplus. In this case, Gilberto receives $ in producer surplus from his water sales. If the price rises to $6, Gilberto now sells producer surplus to bottles of water. This his

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter3: Supply And Demand: Theory

Section: Chapter Questions

Problem 22QP

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