Answer:
a. Elaine’s AGI is $92,750.
- $2,000 + (25% x $1,820) = $2,455
b. Elaine’s AGI is $164,500.
- $2,455 - (5 x $125) = $1,830
c. Elaine’s AGI is $211,000.
Explanation:
During 2018, the American Opportunity Credit for married taxpayers filing jointly started to phase out when their AGI was over $160,000. Once the AGI reached $180,000, the credit phased out completely.
The AOC covered 100% of the first $2,000 in qualified expenses and then up to 25% of the next $2,000. The maximum amount = $2,000 + (25% x $2,000) = $2,500
The main difference between total utility and marginal utility is that total utility refers to the total amount of satisfaction the consumer receives from a good. Marginal utility is the added satisfaction they receive from consuming an idiot unit of the same good.
We all buy something and hope to feel satisfied from purchasing that good, that is essentially what total and marginal utility are measuring. This allows economists and businesses to track how satisfied consumers are from consumption of a product.
Answer:
E. QD = 3530 - 155P for P < or = to $21 and QD = 1430 - 55P for P > $21.
Explanation:
United States domestic demand function is QDD = 1430 - 55P
Demand for wheat in China is QDC = 2100 - 100P.
The total demand function for U.S. wheat will be given by function:
QD = 3530 - 155P
Answer:
The answer is: Angela's savings rate is 10.89%
Explanation:
To calculate Angela's savings rate we can use the following formula:
Angela's savings rate = (total amount saved / total disposable income) x 100%
Angela's savings rate = ($319 / $2,928) x 100% = 0.1089 x 100%
Angela's savings rate = 10.89%
