Question: 1. Welfare analysis: Basic concepts Identify whether each of the following statements best illustrates the concept of consumer surplus, producer surplus, or neither. Statement Consumer

1. Welfare analysis: Basic concepts 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 as much as $57 for a swimsuit, I bought a swimsuit for just $49. A pop up shop had a flash sale on crew necks, so I bought a crew neck for my cousin. I sold a used record for $54, even though I was willing to accept as little as $46 in exchange for it

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