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Midwest USA... A working generator in good running condition should sell for around $0.05 a watt +-, so 7500x0.05= $375. Excellent condition add a penny. NOS add another penny.
A working generator in poor condition 3 cents/watt.
A generator that doesnt work, i.e. engine doesn't run or engine runs but no electrical power is $0 to $50. Repair costs of some generators cost more than a new one.
As for operational status, the typical shop vacuum makes a handy load tester. The shop vac load along with a "Kill A Watt" power monitor will provide an independent voltage and frequency analysis.
Be sure to plug the vacuum into every outlet and if any outlet doesn't work consider the unit non-working.
I can't tell you why your generator isn't working and I think you will probably need a circuit diagram/service manual to troubleshoot it.
You might be lucky and discover the brushgear is stuck or something equally straightforward.
I just wanted to mention how, if your welder has electronic circuitry inside (most do), the back emf from a heavy inductive load might overstress that circuitry.
Inductive loads such as electric motors and transformers behave differently to resistive loads such as lights or heaters and a welder is probably the worst of the inductive loads due to how much the current drawn fluctuates between quiescent and welding.
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