How much consumer surplus does kaleem get from the purchases

Reference no: EM13236943

It is a hot day, and Kaleem is very thirsty. Here is the value he places on a bottle of water:

Value of first bottle = Rs. 7
Value of second bottle = Rs. 5
Value of third bottle = Rs. 3
Value of fourth bottle = Rs. 1

From this information, derive Kaleem's demand schedule.

If the price of a bottle of water is $4, how many bottles does Kaleem buy? How much consumer surplus does Kaleem get from his purchases?

If the price falls to $2, how does quantity demanded change? How does Kaleem's consumer surplus change?

Reference no: EM13236943

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