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; lags, push the econ below the natural level of output;