Smithson Clinic Uses Client-Visits as Its Measure of Activity

question 10

Multiple Choice

Smithson Clinic uses client-visits as its measure of activity. During May, the clinic budgeted for 3,300 client-visits, but its actual level of activity was 3,270 client-visits. The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for May:
-The medical supplies in the flexible budget for May would be closest to:

• A) $14,907
• B) $15,488
• C) $15,207
• D) $15,030

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Definitions:

Total Surplus

The aggregate of producer surplus and consumer surplus, symbolizing the complete net advantage to society through the consumption and manufacture of goods and services.

Auction

A public sale in which goods or services are sold to the highest bidder.

Total Surplus

The combined total of consumer and producer surplus, indicating the overall net gain to society from producing and consuming goods and services.

Producer Surplus

The difference between what producers are willing to sell a product for and the price they actually receive.