Identify whether each of the following statements best illustrates the concept of consumer surplus, producer surplus, or neither. 1. Even though I was willing to pay up to $191 for a used laptop, I bought a used laptop for only $185. 2. Even though I was willing to pay up to $217 for a watch and even though the seller was willing to go as low as $207 in order to sell it, we couldn't reach a deal because the government imposed a tax of $16 on the sale of watches. 3. Even though I was willing to pay up to $69 for a used textbook and even though the seller was willing to go as low as $58 in order to sell it, we couldn't reach a deal because 0 the government imposed a tax of $20 on the sale of textbooks.
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Home » Business » Identify whether each of the following statements best illustrates the concept of consumer surplus, producer surplus, or neither. 1. Even though I was willing to pay up to $191 for a used laptop, I bought a used laptop for only $185. 2.