Table 9-4 Table 9-4 Lists Estimated Revenues and Costs (Per

question 251

Multiple Choice

Table 9-4
Table 9-4 lists estimated revenues and costs (per week) for plastic vials (100 vials per box) for the Victoria Biological Supplies Company. Victoria sells plastic vials to university and private research laboratories.
-Refer to Table 9-4.At Victoria's profit-maximising output,

• A) profit equals $2.
• B) total revenue equals $24 and total cost equals $20.
• C) total revenue equals $25 and total cost equals $22.
• D) total revenue equals $21 and total cost equals $17.

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Definitions:

Consumer Surplus

The difference in the overall amount consumers are willing and able to allocate for a good or service against the actual amount paid.

English Economist

An English Economist refers to an economist from England who specializes in the study of economics, the social science concerned with the production, distribution, and consumption of goods and services.

Utility Theory

A theory in economics that assesses the usefulness or satisfaction a consumer gains from consuming goods and services.

Total Utility

The complete fulfillment experienced from the consumption of a specific amount of products or services.