Question

pe Fear Community College Success starts heral Home CFCC CENGAGE MINDTAP Homework (Ch 07) Back to 1. Wetare analysis: Basic concepts Identify whether each of the following statement Best ustrates the concept of consumer surplus, producer plus, or other Statement Consumer Surgus Producer Surplus Neither I sold a watch for 66 on ebay last week. This week someone offered me 5129 for it. I sada seda for $129, even though wing to go as 120 to for only $33 MacBook Air

Answer 1

Statement 1-neither

An offer to pay is not an economic transaction unless payment is made.

Statement 2-Producer's surplus

Producer's surplus is the difference between the actual price received($129) and the acceptable price($120).

Statement 3-Consumer's surplus

CS is the difference between the willingness to pay($40) and actual price($33) of the product