Answer:
D) Todd should include the $500 in 2020 gross income in accordance with the tax benefit rule.
Explanation:
Since Todd is a cash basis taxpayer, he included the $1,500 insurance premium in his 2019 tax return. Cash basis taxpayer report revenues or expenses when the cash is received or paid, not when the service is provided. 
Since he received a $500 refund in 2020, he should include it in his 2020 tax return. As a cash basis taxpayer, any money received is considered income. 
 
        
             
        
        
        
The answer to this question is the term prices. Prices are the value of a certain product or services. A price is the value or amount of money being paid in exchange of the product being bought. In pricing a product or service, a markup is being set to the price.
        
             
        
        
        
Answer:
c. the entry of new firms
Explanation:
- The entry of the new firms in the market creating a  market supply curves to shift to the right side and as the curve shifts the markets price then starts to decline with it  
- This declines the economic profits in the new and the existing firms as long as the profits exists  in the markets and entry will continue to shift to supply to the right.
- The diversification of the melt and the fall in the monopoly of the firms start to take place.  
- They take up resource ownership and technological developments. In short, they increase the competitiveness and bring rivalry into the market.
 
        
             
        
        
        
Answer:
The correct answer is: increase in the price of the good will increase the firm's revenue. 
Explanation:
When the demand for goods has a price elasticity of 0.5, it implies that the demand is relatively inelastic. This implies that a proportionate change in price will cause less than proportionate change in price. 
So when the firm increases the price of a good, this will lead to a smaller decline in the quantity demanded of the commodity. As a result, the total revenue will increase. 
 
        
             
        
        
        
Answer:
(a)Let X1 be the number of economy tires and X2 be the number of premium tires.
Objective function:
Maximize Z, where Z = 12X1 + 10X2
Subject to constraints
4X1/3 + X2/2 <= 600
4X1/5 + X2 <= 650
X1/2 + 2X/4 <= 580
X1/5 + X2/3 <= 120
X1, X2 = Z
(b) Check attachment for spreadsheet
(c) The maximum profit that can be obtained is $6032