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 $185 for a used laptop, I bought a used laptop for only $175.
b. I sold a watch for $61, even though I was willing to go as low as $55 in order to sell it.
c. Even though I was willing to pay up to $68 for a used textbook and even though the seller was willing to go as low as $64 in order to sell it, we couldn't reach a deal because the government imposed a price floor of $73 on the sale of textbooks.

a)Consumer Surplus

b)Producer Surplus

c) Neither

Explanation:

Producer Surplus can be explained as the difference that exist between the actual price the producer or someone given a good /services out at a price received for good/service offered and the price they are willing to sell out the goods/service. That "" surplus"" is at the good side of the producer, which is a benefit for the producer and the producer's welfare.

consumer surplus is the difference that exist between the amount a particular consumer actually got his/her goods/services from seller and the amount he/she is willing to pay for the particular goods/service. It is regarded as the consumer's welfare.

a. Even though I was willing to pay up to $185 for a used laptop, I bought a used laptop for only $175.

(Consumer Surplus)

Here, the amount the consumer is willing to pay is $185 but the price the seller gives out is $175

Consumer Surplus= $185- $175= $10

b. I sold a watch for $61, even though I was willing to go as low as $55 in order to sell it.

.(Producer Surplus)

Here the price the producer willing to sell is $55but sold at $61

Producer Surplus= $61-$55=$6

c. Even though I was willing to pay up to $68 for a used textbook and even though the seller was willing to go as low as $64 in order to sell it, we couldn't reach a deal because the government imposed a price floor of $73 on the sale of textbooks.

(Neither)

This is neither Producer Surplus nor consumer surplus.

answer: b) the us is the leading importer but not the leading exporter.

extra info:

the u.s is the largest importer but it is not the largest exporter as china sits on the top of the table when it comes to leading exporters.

but u.s is not far from first,

they rank in 2nd globally as the worlds largest exporter.

happy to

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