Answer:
The correct answer is: Equal to the taxes paid divided by taxable income.
Explanation:
The effective tax rate is the ratio of the total tax burden of an individual and their taxable income. It is considered as a better representative of the tax burden of an individual than the marginal tax rate.
It shows the average rate at which an individual's income and assets are taxed. The effective tax rate of an individual is lower than the marginal tax rate.
To calculate the effective tax rate, the individuals can add their total tax burden and divide the sum by their taxable income. It represents the percentage of taxable income that an individual has to pay as taxes.
Lincoln company's strategy of dividing its consumer market will enables it to define customer needs and wants more precisely.
<h3>What is the
strategy used by Lincoln company?</h3>
In marketing, this is known as segmentation which involves division of customers according to their segment such as age, needs, gender etc.
Here, as the firm has divided its consumer market into several groups that have similar interests in wooden furniture, this will allow them to define customer needs and wants more precisely.
Therefore, the Option B is correct.
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The phrase "explicit costs" refers to a company's monetary payments to individuals who provide labor, materials, fuel, and transportation services as well as payments paid for the use of resources that belong to other people. The correct option is (a) & (c) .
<h3>What is labor specialization?</h3>
- When businesses separate their production or service process into many fixed tasks, specialization of labor, also known as division of labor, develops.
- Employees don't complete numerous tasks themselves; instead, they repeat a single step of the production process.
- The marginal-cost, average-total-cost, and average-variable-cost curves all move up.Y
What is division of labor and specialization in economics?
- When a worker is specialized, they only carry out a small number of different jobs.
- In the context of businesses, it alludes to many businesses that specialize in manufacturing various items or services.
- When a good or service is produced, various workers are assigned to distinct duties. This is known as division of labor.
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