Use the following to answer questions: 
-(Table: Total Cost and Output) Look at the table Total Cost and Output, which describes Sergei's total costs for his perfectly competitive all-natural ice cream firm. How many tubs of ice cream will Sergei produce in the long run?
Definitions:
Consumer Surplus
The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount they actually do pay.
Price Elasticity
The determination of how price alterations influence the market demand for a commodity.
Marginal Value
The additional satisfaction or utility received by consuming one more unit of a good or service.
Consumer's Demand
The desire of purchasers, users, or consumers for specific goods or services at a given price over a specified period.
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