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Problem 1: It is hot day, and Bert is very thirsty. Here is the value he places on a bottle of water:
Value of first bottle
$7
Value of second bottle
5
Value of third bottle
3
Value of fourth bottle
1
a. From this information, derive Bert's demand schedule. Graph his demand curve for bottled water.
b. If the price of a bottle of water is $4, how many bottles does Bert buy? How much consumer surplus does Bert get from his purchases? Show Bert's consumer surplus in your graph.
c. If the price falls to $2, how does quantity demanded change? How does Bert's consumer surplus change? Show these changes in your graph.
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Problem 3: What happens to the deadweight loss and tax revenue when a tax is increased?
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