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Klio2033 [76]
3 years ago
14

Steve's utility for socks (91) and other goods (92) is given by U(21,92) = 10q1.1 q2.9 The price of the composite good is p2=1 a

nd the price of a pair of socks is p1=2. Steve's income is Y=100. Every year, Steve's mom buys him 20 pairs of socks. Find the equivalent variation of the gift. What is the difference between the cost of the gift and the equivalent valuation cash amount?
Business
1 answer:
xz_007 [3.2K]3 years ago
6 0

Answer:

120

Explanation:

Look up attached file

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Answer:

The journal entry is as follows:

Cash A/c Dr. $ 25,437.50

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(To record the collection of the note and interest at maturity)

Working notes:

Interest for 90 Days:

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Answer:

A. True

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Hence, the correct option is a.

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Highest and best use would best be defined as:
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Answer:

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Explanation:

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Answer:

The demand for cereal is elastic.

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Explanation:

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