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

1. Welfare analysis: Basic concepts

Identify whether each of the following statements best illustrates the concept of consumer surplus, producer surplus, or neither.

  • I paid $157 for a watch last week. This week, the same store is selling watches for $147.

  • I sold a used laptop for $149, even though I was willing to go as low as $140 in order to sell it.

  • Even though I was willing to pay up to $43 for a jersey sweater, I bought a jersey sweater for only $35.

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