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FinnZ [79.3K]
3 years ago
13

Will feckless unexpectedly inherits $10,000 from a rich uncle. he is observed to consume fewer hamburgers than he used to.

Business
1 answer:
daser333 [38]3 years ago
3 0
<span>This would show that Will does not have a homothetic preference for hamburgers. Such preferences are shown to not be effected by income or scale, and since Will has changed his eating preferences based upon this new source of income, such a description would not fit this good.</span>
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Last year Christine worked as a consultant. She hired an administrative assistant for $15,000 per year and rented office space (
mel-nik [20]

Answer:

Explicit costs - $51,000

Explicit costs are those for which a person incurs in actual spending of money. In this case, Christine had to pay $15,000 in wages, and $36,000 in rent ($3,000 x 12). These are expenses that she had to pay money for, and that had to be accounted for in the accounting books, and in the financial statements. These are in other words, explicit costs.

Implicit costs - $40,000

Implicit costs are simply the opportunity costs. An opportunity cost is the cost of the next more valuable alternative when faced with two or more options. No money is paid for this costs. The implicit costs for Christine were the $40,000 that she not receive as wages if she had continued working at a real state firm.

8 0
3 years ago
Jimmer’s nominal income will go up by 10 percent next year. Inflation is expected to be – 2 percent next year. By approximately
kompoz [17]

Answer:

Nominal interest rate (n) = 10% = 0.10

Inflation rate (i) = -2% = -0.02  

Real interest rate (r) = ?  

Application of Fisher's Equation                                                      

(I + n) =   (1 + r)(1 + i)

(1 + 0.10)  = (1 + r)(1 + -0.02)

1.10 = (1 + r)(0.98)

<u>1.10</u> = 1 + r

0.98

1.1224 = 1 + r

1.1224 - 1 = r      

r = 0.1224 = 12.24%

Jimmer's real income will change by 12.24% next year.                                                                                                                                                

                                                                                                                                                                                                                                                                                       

Explanation:

In the determination of the rate of change in real income, there is need          to apply Fisher's equation. The nominal rate and inflation rate have been given, thus, we will make the real rate the subject of the formula.                                                                

3 0
3 years ago
Simon lost $4,300 gambling this year on a trip to Las Vegas. In addition, he paid $2,650 to his broker for managing his $265,000
Ostrovityanka [42]

Answer:

Assuming Simon’s AGI is $40,000.

Gambling losses are only deductible to the extent of gambling winnings. Thus,Simon cannot deduct any of the $4,300 gambling losses. The $3,160 transportation expenses are also nondeductible as they are deemed to be personal expenses. The $2,650 broker management fees are deductible as investment fees (miscellaneous itemized deductions subject to the 2% AGI floor), and the $1,030 tax return fees are also deductible as miscellaneous itemized deductions subject to the 2% AGI floor.

Thus, $2,650 + $1,030 – (2% x $40,000 AGI) = $2,880 deduction

6 0
3 years ago
Read 2 more answers
Which type of coverage pays an amount per day for hospitalization directly to the insured regardless of the insured's other heal
Diano4ka-milaya [45]

hospital indemnity

A supplemental insurance policy called hospital indemnity coverage is created to cover expenses associated with hospital admittance that might not be reimbursed by other insurance. Workers who are admitted to a clinic or intensive care unit for a covered illness or injury are covered by the plan. Additionally, it is accessible to businesses with as little as two employees.

Since the majority of Americans don't have enough resources to pay for unforeseen medical costs, hospital indemnity coverage can be very useful.1 The plan provides cash directly to workers even if they don't have any out-of-pocket costs. The funds can be used for anything, including: medical copays, deductibles, and ongoing costs like rent, food, and utilities.

To know more about hospital indemnity refer to brainly.com/question/253119

#SPJ4

6 0
2 years ago
When president obama was elected, the u.S. Economy had slid into a recession. Consumer spending was low and getting worse. In an
Lesechka [4]

Answer: Keynesian Economic Theory

Explanation: The policy adopted by the President was to cut back taxes and increase government spending on road, bridges and schools. This policy of the government is called the expansionary fiscal policy which is used to combat an economy suffering from recession. The Keynesian theory also supports the argument that when an economy is suffering from recession, economic output is influenced by aggregate demand. Thus, the government and use its fiscal policy tools to bring the economy out of recession. It also supports that the Fed can also use its monetary policy to bring the economy out of recession. But since here taxes and government spending are uses, we can say that Obama was a proponent of <em>Keynesian Economic theory</em>.

8 0
3 years ago
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