VI. From Basic Economics A. In many circles, profit is a bad word. Profit is sometimes referred to as an overcharge or as surplus value. But profit, when view in the context of cost and revenue, mean something very different. Briefly define cost, revenue, and profit. B. Under the definitions given above, is profit an overcharge or surplus value? If yes, explain why. If no, explain what profit is. C. Continuing with the logic in part A, a firm making losses seems like a good thing. Customers are getting something for less than what it costs. But, under the definitions of cost revenue and profit, a loss is bad. It is not just bad for the firm, it is bad for society too. Explain why