The supply curve will be shifted lower by the tax's amount if there is a tax on consumers.
What is supply curve ?A supply curve is a graph that illustrates how a change in a product's price impacts the volume of supplies a seller provides. The horizontal x-axis displays the quantity supplied, while the vertical y-axis displays the price. The supply curve often depicts an upward-sloping line or curve to demonstrate that when prices rise, supply rises along with them. The law of supply is the name for this theory. Market supply curves are used when a supply curve describes a whole competitive market as opposed to just one supplier.
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richard wrote eleven checks totaling $791.23 and deposited one paycheck for $341.76 during the month. his beginning balance was $1,011.91. richard's bank charges $0.50 for each check over 8 written during the month. what is his ending balance for the month?
When his beginning balance was $1,011.91. Richard's bank charges $0.50 for each check over 8 written during the month. Option A) $560.94 is the right choice as his ending balance for the month.
In an account, the net residual balance is known as the finishing balance which in Richard: $560.94 was part of the closing process, it is often measured at the conclusion of a reporting period. An account's transaction totals are added up to create an ending balance, which is then multiplied by the initial balance. The bank balance at the conclusion of a day, month, or year is referred to as the closing balance in the banking industry. This covers all sums, including credit and debit. A bank closing balance could be different from an accounting closing balance if there are outstanding transactions that the bank hasn't yet cleared but that are included in an accounting closing statement but aren't in a bank closing statement.
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compare the interest earned by $9,000 for five years at 8% simple interest with interest earned by the same amount for five years at 8% compounded annually. explain why a difference occurs. (4.2)
Simple interest is 3,600. Compound interest can be calculated as follows. Compound interest is $4,223.7. The compound interest is greater by $823.7 than the simple interest.
Interest is the amount paid over and above the original amount to a lender or depositor by a borrower or deposit-taking financial institution at a predetermined rate in the domains of finance and economics (the amount borrowed). simple interest It differs from any fees the borrower may be required to pay to the lender or another party. It also contrasts from a dividend, which is cash distributed to shareholders (owners) by a corporation from its profit or reserve, but not at a predefined rate or proportionally; rather, it is a portion of the reward gained by risk-taking businessmen when revenue is made that surpasses all expenditures.
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question content area part 1 government spending and taxes that increase or decrease without any actions taken by the government are referred to as a. government expenditures. b. discretionary fiscal policy. c. automatic stabilizers. d. monetary policy.
Automatic stabilizers are government spending and tax policies that are designed to automatically offset fluctuations in a nation's economic activity without any deliberate action by the government.
What is meant by Automatic stabilizers?They work by automatically adjusting government spending and taxes in response to changes in economic conditions. During times of economic recession, for example, automatic stabilizers can increase government spending on programs such as unemployment insurance, welfare, and food stamps. At the same time, they can decrease taxes for individuals and businesses, which can help stimulate spending and investment.
Automatic stabilizers are considered to be important tools for promoting economic stability because they can help stabilize the economy quickly and effectively without requiring any action from the government. They are also considered to be less politically contentious than discretionary fiscal policy, which can be subject to political gridlock or manipulation.
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the income elasticity of demand for electricity is 1.90. suppose the economy improves and incomes are expected to increase by 10 percent. this means that
Electricity demand is 1.90 times more elastic with income. Let's say incomes are predicted to rise by 10% as the economy improves. Electricity firms can anticipate selling 19 percent more electricity as a result.
What does a demand elasticity of income of 1 mean?The income elasticity of demand, for instance, would be 20%/20% = 1 if a person's income increased by 20% and the quantity desired for a good increased by 20%. It would then qualify as a typical good.
when a 4% rise in quantity requested of a good results from a 10% increase in income?The good is a typical good, and the income elasticity is 0.4. Because demand increases as income increases, the good is a typical good.
What does a demand elasticity of income of 1.33 indicate?We can infer that the demand is elastic because 1.33 is more than 1, which means that the change in demand brought on by a change in price is regarded as "a lot."
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What do we call the companies that stadium owners use to manage their ticket sales?
We call companies that stadium owners use to manage their ticket sales as agencies.
What is an agency?Agency refers to an individual or group's capacity to take actions that produce desired outcomes or effects. It is the power that individuals or groups possess to make choices and decisions about their lives and the world around them. Agency can refer to personal agency, which is an individual's ability to exercise control over their own life circumstances, or collective agency, which is the ability of groups to act together to achieve shared goals. Agency is closely related to autonomy, which is the degree to which individuals have the power to govern themselves and make decisions without external influence. Overall, agency is a fundamental concept in understanding human behavior and social dynamics, as it underpins the ability of individuals and groups to shape their own lives and the world they live in.
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dentify the following as either an advantage (A) or a disadvantage (D) of bond financing.a. Bonds do not affect owner control - Advantageb. A company earns a lower return with borrowed funds than it pays in interest. - Disadvantagec. A company earns a higher return with borrowed funds than it pays in interest. - Advantaged. Bonds require payment of periodic interest. - Disadvantagee. Interst on bonds is tax deductible. - Advantagef. Bonds require payment of par value at maturity. - Disadvantage.
The fundamental benefit of debt financing is that, unlike equity financing, a business owner does not cede any control of the company. Investing in equity.
What is a fundamental instance?
forming or having to do with the core of something: fundamental. The Constitution protects our basic rights. These two political parties differ from one another in important ways. Fundamental can also be referred to as cardinal, necessary, or vital. Fundamental refers to something that is a foundation without which a whole system or complicated whole would fail, despite the fact that all of these words have the same meaning of "so vital as to be indispensable." the basic ideas of mathematics.
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What does the rule say that more will be demanded at a lower price and less at a higher price?
The law of demand states that higher prices result in smaller quantities demanded while lower prices result in larger quantities demanded. Demand curves and demand schedules are tools used to describe the relationship between quantity desired and pricing.
What is the law of demand?
The price of a good or service and the quantity of that good or service that buyers are willing and able to acquire are indirectly correlated, in accordance with the Law of Demand. In other words, if an item's price increases, buyers are less inclined and able to buy it, and vice versa.
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If the number of sellers in a market increases, then the A. demand in that market will increase B. supply in that market will increase C. supply in that market will decrease D. demand in that market will decrease
Answer:
Explanation:
If the number of sellers in a market increases, then the supply in that market will increase. This is because, with more sellers, there is a larger number of products available for consumers to purchase. As a result, the overall supply of goods in the market increases, leading to greater competition among sellers and potentially lower prices for consumers.
In contrast, if the number of sellers in a market decreases, the supply in that market will decrease. This can lead to higher prices for consumers due to reduced competition and a smaller number of goods available for purchase.
It is important to note that the relationship between the number of sellers in a market and the supply of goods is not always straightforward and can be influenced by other factors, such as changes in the cost of production, consumer preferences, and technology.
in a neoclassical economy, assume that the government lowers both government spending and taxes by the same amount. by doing so:
Neoclassical economics is a broad theory that focuses on supply and demand as the driving forces behind the production, pricing, and consumption of goods and services.
What are the possibilities if government lowers both government spending and taxes by the same amount?No significant change: If the reduction in government spending and taxes is relatively small, it may not have a significant impact on the overall economy. In this case, the neoclassical equilibrium would likely remain the same, with no major changes to output, employment, or inflation.Increased private investment: If the reduction in taxes leads to an increase in disposable income for households, it could stimulate private consumption and investment. Decreased government debt: If the reduction in government spending and taxes is large enough, it could lead to a reduction in government debt.To know more about Neoclassical economics, check out:
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margaret has received her closing disclosure from the lender. to best protect her interests, what should she do with it?
Contrast it with the Loan Estimate. Keep it with her mortgage paperwork.
Which of the following statements best describes the purpose of a Closing Disclosure?
The Closing Disclosure is an official settlement statement used by settlement agents and title companies to itemize all charges for a borrower and seller.
During the homebuying process, you will be given two forms: the Loan Estimate and the Closing Disclosure. The Loan Estimate comes first after you apply, and the Closing Disclosure comes last before you sign the final mortgage paperwork.
Therefore, Underwriting is the process by which mortgage lenders evaluate your creditworthiness and decide whether to approve you for a loan.
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anaida is an entrepreneur who believes in providing equal opportunity to people regardless of their age, gender, race, or religion. she is open-minded and detests the idea of taking advantage of others. in the context of universal ethical standards, anaida most likely possesses the core value of .
In the context of universal ethical standards, Anaida most likely possesses the core value of: c. fairness
Ethics are a set of beliefs spot on and off-base, great and terrible. Universal moral standards are norms that apply to all individuals across a wide spectrum. Ethics has six core values and they are: trustworthiness, respect, responsibility, fairness, caring, and citizenship. Ethics should never be relative because of morality of standards shift contingent upon the situation and how it relates to the situation.
Reverence forever (in the entirety of its forms) Relationship and responsibility for the 'entire' Society before self/social responsibility. Worldwide justice (as reflected by global laws)
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The requirement for universal ethics. Immanuel Kant accepted that we are still up in the air to act by regular impulse nor liberated from nonrational impulse. Thus, we really want some normal rules of lead that let us know how we should act when it is an option for us to choose
The complete question is:
Anaida is an entrepreneur who believes in providing equal opportunity to people regardless of their age, gender, race, or religion. She is open-minded and detests the idea of taking advantage of others. In the context of universal ethical standards, Anaida most likely possesses the core value of _____.
a. responsibility
b. frugality
c. fairness
d. citizenship
he best measure of long-run economic growth adjusts nominal GDP for inflation and population. nominal GDP for inflation. nominal GDP for population. real GDP for the base year.
Real gross domestic product( GDP), as opposed to nominal GDP, is a better index of an frugality's affair. Real GDP provides economists with a clearer picture of how the entire public affair of a country is changing from time to time by removing the deformation brought on by affectation, deflation, or changes in currency rates.
A country's GDP is calculated as the sum of all of its investments, exports, consumer and government spending, minus the value of its significances. Nominal GDP represents the raw data in current bones without taking affectation into account. Real GDP eliminates any deformation brought on by affectation or deflation by conforming the figures by fixing the value of the currency. The GDP of a nation changes at a certain rate, generally from one time to the coming, and is represented as a chance. The gross public product( GNP), another index of profitable growth, is sometimes preferred when a country's frugality is heavily dependent on foreign earnings.
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if a company has a healthy current ratio but a significantly lower quick ratio, then you can assume that:
If a company has a healthy current ratio but a significantly lower quick ratio, then you can assume that more than half of sales are attributable to cost of goods sold.
What would happen if quick ratio was lower than current ratio?When a company's quick ratio is much less than its current ratio, it indicates a high reliance on inventory and maybe a severe shortage of other liquid assets. According to the quick ratio, a company's liquid assets must be worth a certain dollar amount in order to pay its current liabilities in full.
What occurs when a business' quick ratio is low?If a company's quick ratio is less than 1, it suggests it lacks sufficient fast assets to cover all of its immediate liabilities. Business may be challenging to raise the money necessary to pay its creditors if it experiences an interruption.
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A society allocates its scarce resources to various jobs. these scarce resources include:__________
A society allocates its scarce resources to various jobs. these scarce resources include people, machines and land.
Resources are the inputs used to produce goods and services. They can be classified into various categories, including natural resources, human resources, financial resources, and technological resources. Natural resources are raw materials such as land, minerals, and water that are used in production. Human resources include the skills and knowledge of the workforce, while financial resources refer to the capital and financing necessary to start and run a business. Technological resources refer to the tools and technology used in production, including machines and software. The efficient and effective allocation of resources is critical to the success of an economy and the overall prosperity technology of a society. Scarcity of resources, where the demand for resources exceeds the supply, is a fundamental challenge facing every economy.
the complete question is:
society allocates its scarce resources to various jobs. These scarce resources include
a. people.
b. machines.
c. land.
d. All of the above are correct.
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true or false: markets that have downward-sloping demand curves and upward-sloping supply curves yield consumer and producer surplus.
Markets that have downward-sloping demand curves and upward-sloping supply curves yield consumer and producer surplus. True
What are the three reasons for the downward sloping demand curve?The three reasons for the downward slope of the demand curve are: The law of diminishing marginal utility states that as a consumer buys more units of a good, the extra satisfaction they get from each additional unit decreases. As a result, as the price of a good falls, consumers are willing to buy more of it to achieve the same level of satisfaction. The income effect: As a good's price falls, consumers can afford to buy more of it with their current income. As a result, the quantity demanded rises. The substitution effect: As the cost of a product falls, it becomes less expensive in comparison to other goods. This causes consumers to replace the now considerably affordable good for other more expensive items, increasing demand for the cheaper good.
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if a company overstates its ending inventory for the current year, what are the effects on cost of goods sold and net income for the current year?
The understatement of cost of products sold and the overstatement of net income for the current year will result from the overstatement of ending inventory for the current year.
The value of the inventory represented on the balance sheet is higher than its real worth when a corporation overstates its ending inventory. In turn, this will result in a cheaper cost of goods sold because the cost of the inflated inventory won't be taken into account. The current year's net income of the company will be inflated because net income is determined by deducting cost of goods sold from revenue.
Essentially, an overstatement of closing inventory can falsely inflate a company's profits for the current year and, if the overstatement is not corrected, can have a cascade effect on future financial statements. To avoid such mistakes and maintain the integrity of their financial reporting, businesses must guarantee the accuracy of their inventory accounting.
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True or false? When deciding whether to buy a second car, the economic way of thinking indicates that the purchaser should compare the additional benefits of the second car with the additional cost of the second car.
True. When deciding whether to buy a second car, the economic way of thinking indicates that the purchaser should compare the additional benefits of the second car with the additional cost of the second car.
This approach is known as "marginal analysis" and is a key concept in economics. Marginal analysis involves comparing the benefits and costs of an additional unit of a good or service, and making a decision based on whether the benefits outweigh the costs. In the case of buying a second car, the purchaser would consider the additional benefits of having a second car, such as increased mobility and convenience, and compare them to the additional costs of purchasing and maintaining the second car, such as the cost of the vehicle, insurance, and maintenance. If the benefits of the second car outweigh the costs, the purchaser would be likely to buy the car, and if the costs outweigh the benefits, the purchaser would be likely to refrain from making the purchase.
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What are the main advantages to a secured vs. unsecured loan?
Compared to unsecured loans, which do not require collateral, secured loans have lower interest rates and are simpler to get. Unsecured loans do not require any form of collateral in order to be obtained.
The major benefit of a secured loan is that its interest rate is often lower than that of an unsecured loan. This is so that the lender has something to take if the borrower defaults on the loan—collateral like a house or car—that the borrower supplies. In addition, secured loans are simpler to get for borrowers with bad credit histories. Loans that are not secured by collateral, on the other hand, are only determined by the borrower's creditworthiness. Although they often have higher interest rates and tighter credit standards, they are a useful choice for borrowers who lack collateral.
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1. are it applications an asset or an expense? 2. what is the main purpose of allocating it costs to user departments? 3. as a percentage of sales, how much should a company spend on it?
IT application costs and benefits are both possible. Budgeting and decision-making are the major reasons for allocating IT costs. Although there is no predetermined amount, IT spending typically amounts to 3-5% of total sales.
Applications for information technology (IT) can be viewed as both a cost and an asset. On the one hand, they can provide a tremendous advantage in terms of improved production, efficiency, and competitiveness. However, they can also be expensive to purchase, use, and maintain. Determining the true cost of utilizing and reaping the benefits of IT applications is the major goal of allocating IT costs to user departments. This data can be used to distribute IT costs in a way that is consistent with the overall objectives and plans of the business and to make educated decisions regarding IT investments. The right amount of money a business should spend on IT will vary based on the particular circumstances, hence there is no universally applicable solution to this topic.
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which of the following is true about adjusting entries? multiple choice they can be done at the beginning or end of the accounting period. they are a necessary part of accrual-basis accounting. they are necessary due to the conservatism principle. they zero the balance of all income statement accounts.
The accrual approach of accounting requires them. As a result of the conservative principle, entries are required. Hence option B is correct
What is Adjusting Enteries ?The beginning or the end of the accounting period might be used for entries.
A general ledger entry known as a "adjustment journal entry" is made at the conclusion of an accounting period to report any unrealized income or costs during the time.
An adjusting journal entry is necessary to correctly account for a transaction that began in one accounting period and ended in another.
Adjusting journal entries can also be used to describe financial reporting that fixes an error from a prior accounting period.
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shibuno shops had a suta tax rate of 2.7%. the state's taxable limit was $8,000 of each employee's earnings. for the year, shibuno shops had futa taxable wages of $77,900 and suta taxable wages of $93,900. compute:
If shibuno shops had a suta tax rate of 2.7%. the net FUTA tax is $467.40 and the net SUTA tax is $2,592.
How to find the net futa tax and net suta tax?To compute the net FUTA tax and net SUTA tax, we need to first calculate the taxable wages subject to each tax and then apply the respective tax rates.
For FUTA:
Taxable wages = $77,900 (since there is no taxable limit for FUTA)
FUTA tax rate = 0.6%
Net FUTA tax = Taxable wages x FUTA tax rate = $77,900 x 0.006 = $467.40
For SUTA:
Taxable wages = $8,000 per employee (since that is the taxable limit)
Number of employees = $93,900 / $8,000 = 11.74 (rounded up to 12)
Total SUTA taxable wages = $8,000 x 12 = $96,000
SUTA tax rate = 2.7%
Net SUTA tax = Total SUTA taxable wages x SUTA tax rate = $96,000 x 0.027 = $2,592
Therefore, the net FUTA tax is $467.40 and the net SUTA tax is $2,592.
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The complete question is:
garrison shops has a suta tax rate of 2.7%. the state's taxable limit was $8,000 of each employee's earnings. for the year, garrison shops had futa taxable wages of $77,900 an suta taxable wages of $93,900. compute net futa tax and net suta tax
Which business custom do the MINT countries of Mexico, Indonesia, Nigeria, and Turkey all have in common? Multiple Choice Overlowing stne agendas for business meetings O being punctual to business meetings avolding alcohol while dining discussing politics shaking hands
Over lowing stne agendas for business meetings business custom do the MINT countries of Mexico, Indonesia, Nigeria, and Turkey all have in common. These rising economies do have some characteristics, the most notable of which is that they all have sizable populations. The answer is OPTION A
"Favourable demographics," meaning that there is a plentiful supply of young labour. The population of all four of these nations is among the top 20 in the world, with Indonesia having the fourth-highest number at almost 250 million. First, determine whether the market has enough room for expansion. Emerging business are attractive primarily because of the rates of growth they provide.
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The vast majority of products and services are likely to satisfy______ needs.
The vast majority of products and services are likely to satisfy both functional and psychological needs.
A psychological need is any requirement that is essential to one's welfare but is not a biological necessity. A person's desire for fulfilment might be entirely internal, as in the case of the need for pleasure, or it can arise through interactions with their social environment, as in the case of the need for social approval, justice, or job satisfaction. According to SDT, the three psychological criteria of autonomy, competence, and relatedness are crucial for psychological well-being and autonomous motivation. You should talk about these needs universally in the same way that you think about physiological needs.
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if the price of some land factor used in the production of a manufactured good decreases, ceteris paribus, what will happen to the market for that good?
If the price of some land factor used in the production of a manufactured good decreases, ceteris paribus (meaning all other factors remain constant), the cost of producing that good will decrease.
This means that the manufacturer will be able to produce the good at a lower cost and may choose to pass some of these cost savings on to the consumers by reducing the price of the manufactured good.
Assuming that the demand for the good remains constant, the lower price will likely lead to an increase in the quantity demanded, as consumers are more willing to purchase the good at a lower price. This increase in demand will lead to an increase in the equilibrium quantity of the good, meaning that more units of the good will be sold in the market.
The decrease in the cost of production may also make it more profitable for the manufacturer to produce more of the manufactured good. This could lead to an increase in the supply of the good, which would put downward pressure on the price of the good.
In summary, if the price of some land factor used in the production of a manufactured good decreases, ceteris paribus, the market for that good may experience lower prices, higher demand, and higher equilibrium quantity sold, as well as a potential increase in the supply of the good.
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slapshot company makes ice hockey sticks. during the month of june, the company purchased $127,000 of materials. also during the month of june, slapshot company incurred direct labor cost of $161,000 and manufacturing overhead of $226,000. inventory information is as follows: line item description june 1 june 30 materials $48,000 $45,000 work in process 65,000 63,000 required: 1. calculate the cost of goods manufactured for the month of june. fill in the blank 1 of 1$ 517,000 2. calculate the cost of one hockey stick assuming that 1,900 sticks were completed during june. round your answer to the nearest cent. fill in the blank 1 of 1$ per hockey stick
Ice hockey sticks are produced by Slapshot Company. The business spent $132,000 on supplies in the month of June. Additionally in June, Slapshot Company paid $113,000 in direct labour costs and $187,000 in manufacturing overhead.
Ice hockey sticks are produced by Slapshot Company. Direct components (wood, paint, Kevlar, and resin) worth $26,000 were used in the creation of the product last week. Direct labour costs totaled $20,000 (10 employees x 100 hours x $20 per hour). The cost of manufacturing overhead was $56,000. By using carbon fibre as the primary material, the hockey stick underwent yet another revolutionary development in the 1990s. Players could adjust their own blade on these sticks, although they weren't particularly economical. It is shown in front of the shaft as a number between 4 and 8. (most curves for senior sticks are between 5-6 lie). When the player is gripping the stick normally, the bottom of the blade should be flat against the ice.
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a perfectly competitive firm faces a perfectly inelastic demand curve. perfectly inelastic demand function. perfectly elastic demand function. demand function with unitary elasticity.
A demand curve that is a horizontal line parallel to the market's equilibrium price is what a completely competitive firm encounters.
A fully competitive firm's total revenue grows smoothly at a constant pace dictated by the current market price as it consistently generates more output. For a perfectly competitive firm, profits will be highest—or losses will be lowest—at the output quantity where total revenues surpass total costs by the greatest margin, or where total revenues fall short of total costs by the narrowest margin. A totally competitive corporation is unable to control the price it charges because it must accept the price for its output that is established by the supply and demand for the product in the market. In other words, since the price is predetermined by the profit formula, a firm that operates in a fully competitive market can sell any quantity of units at the same price.
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ceteris paribus, which of the following is most likely to cause a decrease in the supply of skateboards? multiple choice an increase in the price of skateboards. an improvement in skateboard-making technology. an increase in the cost of materials used to produce skateboards. all of the choices are correct.
Ceteris paribus, the factor that will most likely result in a decline in the availability of skateboards is an increase in the price of the raw materials used to make them.
What occurs if we disregard the ceteris paribus principle?We no longer travel along the demand curve; rather, the demand curve as a whole shifts when the ceteris paribus principle is relaxed and other elements are allowed to vary. When the demand curve shifts, people purchase a different amount at every price than they did previously.
Which factor is still most likely to result in a drop with in supply of a given product?Higher production costs, supplier expectations, and supply-disrupting events are some factors that might result in a decline in supply. Supplying a product becomes less profitable due to higher production costs, which leads to businesses are less eager to supply the product.
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78.0% complete question on april 30, janet, age 42, received a distribution from her qualified plan of $150,000. she had an adjusted basis in the plan of $500,000 and the fair market value of the account as of april 30 was $625,000. calculate the taxable amount of the distribution and any applicable penalty.
The distribution's taxable amount, as well as any applicable penalty, is Taxed amount pro rata = $500 million / $625,000 X $100 k = $30,000 Tax Consequences = $30,000 multiplied by.10 equals $3,000.
What portion of my dispersion is taxable?When you withdraw from a self directed ira, the Inland revenue considers it to be 100% taxable income. That means you'll have to pay ordinary taxable income on the entire amount of the distribution. You must also deduct the percentages of federal and state taxable income from of the total distribution.
What is an example of a taxable amount?The quantity of your income which may be taxed is known as taxable income. Salary, salaries, tips, bonuses, employer-provided benefits, and investment interest are all examples of taxable income. Certain types of income may not be taxable.
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which of the following are reasons for the inverse relationship between price and quantity demanded? multiple select question. buyers will buy more of a good if their friends are buying it. a higher price makes it more likely the consumer will substitute another good. a lower price increases the purchasing power of a buyer's income, enabling a buyer to purchase more of a product. a lower price represents a low-quality product. consumption is subject to diminishing marginal utility. people ordinarily buy more of a product at a low price than at a high price.
The reasons for the inverse relationship between price and quantity demanded are:
A higher price makes it more likely the consumer will substitute another good.
A lower price increases the purchasing power of a buyer's income, enabling a buyer to purchase more of a product.
Consumption is subject to diminishing marginal utility.
People ordinarily buy more of a product at a low price than at a high price.
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who has an absolute advantage in baking muffins? in baking scones? d. who has a comparative advantage in producing muffins? in producing scones? e. if harry and meghan specialize and trade, what would be the possible range for the price of one scone (in terms of muffins)?
Due to his ability to produce muffins for less money than Diana (4/3 scones against 2 scones), Alan enjoys a competitive advantage.
How does a comparative advantage actually work?
For instance, a country may decide to devote the proper amount of effort to each product if it excels in producing both cheese and chocolate.
What are absolute advantage and comparative benefit?
Absolute Benefit: The ability of a producer to create a good or service more efficiently than a competitor. A producer has a comparative advantage when they can produce a good or service for less money than a competitor.
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