How many bottles does bert buy

Assignment Help Microeconomics

Reference no: EM132126015

Question: It is hot day, and Bert is 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?

Reference no: EM132126015

Questions Cloud

How many such committees are possible : (a) Compute the sum S1 = 1 + 2 + 3 + . . . + 9999 (the sum of all integers from 1 to 9999). Do not use a program.

Determine which goods your marketing firm should advertise : You work for a marketing firm that has just landed a contract with Run-of-the-Mills to help them promote three of their products: guppy gummies, frizzles.

Violation of privacy act : Argue why Wireshark should be outlawed and it is a clear violation of privacy act and then argue why it should not be out outlawed

Claim is true for all regular expressions : Determine whether or not the following claim is true for all regular expressions r1 and r2. The symbol = stands for equivalence regular expressions

How many bottles does bert buy : 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?

Transfer data between two arrays : It is often times advantageous to be able to transfer data between two arrays. Need a help with program (transfer.c) that add a range (by start index and end in

Distinguish between humans and non-human objects : Suppose our task is to distinguish between humans and non-human objects in an image, which classifier would you choose and why?

Gravitational attraction between any two objects : The gravitational attraction between any two objects in the universe is given by the following formula:

What is the most expensive car she can purchase : TORI is planning to buy a car. the maximum payment she can make is $3400 per year, and she can get a car loan at her credit union for 7% interest.

User Account

All Pages