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Kryger [21]
3 years ago
14

Monroe county levies a tax on the value of real property located within the county. The tax equals 3 percent of the property's a

ssessed value up to $2 million plus 1 percent of the value in excess of $2 million.a. Compute the tax on real property valued at $1.3 million.b. Compute the tax on real property valued at $4.5 million.
Business
1 answer:
Vikentia [17]3 years ago
8 0

Answer:

a. $39,000

b. $85,000

Explanation:

The computations are shown below:

a. Tax on real property would be

= Valued of real property × tax rate

= $1,300,000 × 3%

= $39,000

b. Tax on real property would be

= Property's assessed value up  × tax rate + difference of property value  × increased tax rate

= $2,000,000 × 3% + $2,500,000 × 1%

= $60,000 + $25,000

= $85,000

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Because marginal cost is constant we can find the variable cost per unit and then subtract the total variable cost from the total cost in order to find the fixed cost. The firms total cost increase $300 (from 1500 to 1800) when output increases by 10 units (from 40 to 50), so the variable cost per unit is 300/10=30.

Now to calculate the total variable cost we will multiply variable cost per unit by the number of units.

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Now we will subtract 1500 from 1800 in order to find the fixed cost.

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