For the purpose of allocating the transaction price to multiple performance obligations, if a stand-alone selling price cannot be directly observed, the seller should estimate the stand alone price by seeing all the things that maximizes the use of observable inputs.
Seller must apply different estimation methods which are consistent to similar circumstances of the not availability of stand alone price.
Different methods which can be used for estimating the stand-alone selling price of a good or service include the following:
Expected cost plus margin
Adjusted market assessment
Residual value.
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Tax progressivity refer to a system in which individuals earn more pay higher taxes.
United States taxation system is considered tax progressive, individuals who earned up to $ 8,375 fell to the 10% tax bracket, meanwhile those who earn more than $ 373,650 fall to the 35 % tax bracket
Answer:
The effect that causes Corey's quantity demanded of a frozen dinner to increase is known as income effect
Explanation:
Income effect refers to the change in consumption pattern or in the amount of the good consumed as a result of changes in the consumer's utility and purchasing power. Income effect can be positive or negative.
Here, Corey derives some utility from consuming a frozen dinner (an inferior good). Therefore, as the price increases, the income effect will induce Corey (the consumer) to purchase more.
