First,label the following scenarios as to whether they would create a producer or consumer surplus. Then, after you have labeled each scenario, calculate the ensuing surplus.

Nicole has in her possession a hockey puck from the 2010 Winter Olympic Games and sells it on eBay. She will only sell the puck if the winning bid is greater than or equal to $500.

To determine whether a scenario creates a producer or consumer surplus, we need to identify the buyers and sellers involved and understand their willingness to pay or sell for a particular price.

In this scenario, Nicole is the seller and has a hockey puck from the 2010 Winter Olympic Games. She will only sell it if the winning bid is greater than or equal to $500.

To calculate the ensuing surplus, we need to know the highest price the buyers are willing to pay (demand) and the lowest price the seller is willing to accept (supply). However, since we don't have specific information about the demand, supply, or the actual winning bid, we won't be able to calculate the surplus accurately in this case.

However, we can still determine whether it creates a producer surplus or a consumer surplus based on the general understanding of the concept.

In this scenario:
- If the winning bid is higher than $500, meaning the buyers are willing to pay more than Nicole's minimum selling price, it could create a producer surplus for Nicole. A producer surplus occurs when the actual selling price is higher than the minimum price the producer is willing to accept.
- If the winning bid is equal to or less than $500, meaning the buyers are not willing to pay more than Nicole's minimum selling price, there won't be a producer surplus. In this case, she might choose not to sell the hockey puck.

Please note that without specific information about demand and the actual winning bid, we cannot provide an accurate calculation of the surplus in this scenario.