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1. Welfare analysis: Basic concepts Identify whether each of the following statements best illustrates the concept...

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Economics

1. Welfare analysis: Basic concepts Identify whether each of the following statements best illustrates the concept of consumer surplus, producer surplus, or neither. Statement Consumer Surplus Producer Surplus Neither A pop up shop had a flash sale on swimsuits, so I bought a swimsuit for my cousin. Even though I was willing to pay as much as $41 for a crew neck, I bought a crew neck for just $33. I sold a polaroid camera for $169, even though I was willing to accept as little as $160 in exchange for it.

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