Although you did not includes the salaries of the employees, it will be simple for you to calculate. FICA is the Federal Insurance Contributions Act, which is made up of social security and Medicare fees. For 2019, the Social Security tax rate is 6.2% on the first $132,900 wages paid. The Medicare tax rate is 1.45% on the first $200,000 and 2.35% above $200,000.
So, for every employee who earned $132,900 or less, it is calculated by multiplying the total earnings by 7.65% (6.2% social security +1.45% Medicare).
For all earnings that are between more than $132,900 and $200,000, it is calculated by multiplying the total earnings by 1.45%. (Medicare)
All earnings above $200,000 are taxed at 2.35% (Medicare).
After calculating each of the people, you will add up the total. The employer matches each of the contributions, so they are the exact same as the total of the employees.
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Answer:
The correct answer is the last statement.
Explanation:
A monopolistic market has a large number of buyers and sellers. The sellers produce close substitutes. The firms rely on advertising. There is a relatively higher degree of competition and restriction on entry as compared to a perfectly competitive market. The firms are able to maximize profit at the point where marginal cost is equal to marginal benefit.
In a perfectly competitive market, however, there are large number of buyers and sellers. These sellers produce homogenous products. There is no restriction on entry and exit of the new firms. The profit is maximized at the point where price, marginal revenue, and, average revenue are equal to marginal cost.
Answer:
A. Both types of firms produce at minimum ATC.
Explanation:
A monopolistic competition is when there are many buyers and sellers of differentiated goods and services.
A monopolistic competition is characterised by little or no barriers to entry or exit of firms. In the short run, if a firm is earning economic profit, in the long run, firms enter into the industry and drive economic profit to zero. Also, if the short run, firms are earning economic loss, in the long run, firms would leave the industry and economic profit would be zero.
A monopolistic competition doesn't produce at minimum ATC and as a result it operates with excess capacity.
A perfect competition is characterised by many buyers and sellers of homogenous goods and services.
There are no barriers to entry or exit of firms into the industry. So firms make zero economic profit in the long run.
It produces at minimum atc and where Mr equals mc.
I hope my answer helps you
The correct answer is B. Differentiation strategy