Answer: These costs will be classified as sales discounts
Explanation: Sales discounts are discounts given to customers for buying a company's products or special offer given to customers that are regular and loyal to a company's brand. Discounts are also given to attract new customers to a company's product.
Discounts are accounted for under the operational expenses head and are recorded as part of the company's operational expenses.
The effect of discounts are that it reduces the company's net profit but the positive effect is that it can increase the total sales of the company.
Answer:
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Answer: Her income elasticity of demand for cottage cheese is <em><u>0.3333</u></em> making it a <em><u>normal and necessary</u></em> good.
The income elasticity of demand is given by :

The percentage change in income is given as 60%. We calculate the percentage change in quantity demanded as follows:



Substituting the value above in the income elasticity demand formula we get,

<u>YED = 0.33333</u>
Since the income elasticity is positive, and since Shawna buys more cottage cheese after an increase in income, we can classify this good as a normal good.
Since the income elasticity is between 0 and 1 we can also conclude that cottage cheese is also a essential good or a necessity.