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Answered Same Day Dec 21, 2021

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Robert answered on Dec 21 2021

123 Votes

Solution
Value Demand
$7 1
$5 2
$3 3
$1 4
) When the price is $4, Bert will buy 2 bottles of water. The consumer surplus from 1
st
bottle is
($7-$4= $3). The consumer surplus from 2
nd
bottle is ($5-$4=$1). Therefore, total consumer
surplus is $4.
Now Bert has to pay $8...

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