Identify whether each of the following statements best illustrates the concept of consumer surplus, producer surplus, or neither. Statement Consumer Surplus Producer Surplus Neither
Even though I was willing to pay up to $49 for a jersey sweater, I bought a jersey sweater for only $39.
I sold a used laptop for $106, even though I was willing to go as low as $100 in order to sell it.
I sold a watch for $52 on eBay last week. This week, someone offered me $110 for

Consumer surplus

Producer surplus

Neither

Explanation:

Consumer surplus is the difference between the willingness to pay of a consumer and the price of the good.

Consumer surplus = willingness to pay – price of the good

I was willing to pay $49 for the sweater but paid $39, thus the consumer surplus is $10

Producer surplus is the difference between the price of a good and the least price the seller is willing to sell the product

Producer surplus = price – least price the seller is willing to accept

The least amount i was willing to sell my laptop is $100 but i was paid $106 for it. The producer surplus is $6

The third statement is not about consumer or producer surplus. There is no information on the least amount the seller was willing to accept or the highest amount the consumer was willing to sell

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