Identify whether each of the following statements best illustrates the concept of consumer surplus, producer surplus, or neither. a. Even though I was willing to pay up to $67 for a used textbook, I bought a used textbook for only $58.
b. I sold a jersey sweater for $31, even though I was willing to go as low as $24 in order to sell it.
c. I sold a used laptop for $200 on eBay last week. This week, someone offered me $34 for it.

(a) Concept of consumer surplus

(b) Concept of producer surplus

(c) Neither

Explanation:

(a) The first statement illustrates consumer surplus because it indicates the price I am willing to pay up for the used textbook ($67) and the price I bought the used textbook ($58). Consumer surplus = $67 - $58 = $9

(b) The second statement illustrates producer surplus because it indicates the price I sold the jersey sweater ($31) and the price I was willing to sell ($24). Producer surplus = $31 - $24 = $7

(c) The third statement neither illustrates consumer not producer surplus because it did not indicate the price I was willing to sell the used laptop.

if kj of heat is transferred o 1200 g liquid water at 36'c, what would the new temperature of the water be? (he specific heat capacity of liquid water is 4.186 j/g''c)

a. 15'c

b.100'c

c.51'c

d.36'c