<span>What
you give up for taking some action is called the opportunity cost.
Average total cost is falling when
marginal cost is below it and rising when marginal cost is above it.
A cost that does not depend on the quantity produced is a fixed cost.
In the
ice-cream industry in the short run, variable cost includes the cost of cream and
sugar but not the cost of the factory.
Profits equal total revenue minus
total cost.
The cost of producing an extra unit of output is the marginal cost.</span>
<span>The following are the main economic questions that all countries face:
</span><span>1What goods and services will be produced?
</span><span>3How will goods and services be produced?
</span><span>5Who will consume the goods and services?
</span>
These questions directly impact the supply and demand of goods and services that will be available for consumption within a given country.
Answer:
Zack's adjusted gross income
His adjusted gross income is equal to his gross income minus eligible deductions.
Adjusted gross income (AGI) = gross income - deductions for AGI
= $74,000 - $5,000
= $69,000
Zack's taxable income
His taxable income is equal to his AGI minus itemized deductions minus tax prepayments minus tax credits.
Taxable Income = $69,000 - $2,500 - $8,400
= $58,100
Answer:
The correct net income is $218,530
Explanation:
The computation of the correct net income is shown below:
= Current year net income + unearned revenue earned - accrued wages
= $196,400 + $34,900 - $12,770
= $218,530
The unearned revenue earned should be added in the net income whereas the accrued wages is an expense which should be deducted in the net income