Identify whether each of the following statements best illustrates the concept of consumer surplus, producer surplus, or neither. Statement Even though I was willing to pay as much as $35 for a crew neck, I bought a crew neck for just $29. I sold a swimsuit for $61 on OfferUp last week. The next day, someone messaged me offering $195 for it. I sold a polaroid camera for $197, even though I was willing to accept as little as $190 in exchange for it. Consumer Producer Surplus Surplus Neither Training

Identify whether each of the following statements best illustrates the concept of consumer surplus, producer surplus, or neither. Statement Even though I was willing to pay as much as $35 for a crew neck, I bought a crew neck for just $29. I sold a swimsuit for $61 on OfferUp last week. The next day, someone messaged me offering $195 for it. I sold a polaroid camera for $197, even though I was willing to accept as little as $190 in exchange for it. Consumer Producer Surplus Surplus Neither Training

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. Welfare analysis: Basic concepts
Identify whether each of the following statements
best illustrates the concept of consumer surplus,
producer surplus, or neither.
Statement
Even though I was
willing to pay as
much as $35 for a
crew neck, I
bought a crew
neck for just $29.
I sold a swimsuit
for $61 on
OfferUp last week.
The next day,
someone
messaged me
offering $195 for
it.
I sold a polaroid
camera for $197,
even though I was
willing to accept
as little as $190 in
exchange for it.
Consumer Producer
Surplus Surplus
Neither
Training

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