Answer:
A. $6,400
B. $240
C. $1,000,000
D. $30,000
Explanation:
Requirement A, C, and D:
Prizes and awards are taxable income for a taxpayer. Any awards or prizes won from the lottery or television should be added to the income. Therefore, the Winning lottery is a taxable income for Kerry, $1,000,000. Again, Receiving the award for scientific research is also taxable income for Deborah, $30,000.
The winning award for accomplishments is also a taxable income. So, receiving a $6,400 worth gift bag is a taxable income for Cheline.
Requirement B:
There is an exception if the award is for tangible property and a long-years of accomplishment. At that time, the taxpayers will be excluded from some part of the necessary amounts to be paid as tax. If it is not a qualified award, the exclusion will be $400. If it is qualified, the tax exclusion is 1,600. Since Jon received a gold watch for 25 years of service and the gift is not qualified, he has to pay tax for $(660 - 400) = $240.
Vocational classes provide job focus training for specific roles or careers
The most likely answer is option 3
Answer:
c. 2.71, and supply is elastic.
Explanation:
The formula to compute the price elasticity of supply is shown below:
Price elasticity of supply = (Percentage change in quantity supplied ÷ percentage change in price)
where,
Change in quantity supplied is
= Q2 - Q1
= 100 t-shirts - 75 t-shirts
= 25 t-shirts
And, an average of quantity supplied is
= (100 + 75) ÷ 2
= 87.5
Change in price is
= P2 - P1
= $20 - $18
= $2
And, the average of price is
= ($20 + $18) ÷ 2
= 19
So, after solving this, the price elasticity of supply is 2.71
The answer is B. Just subtract.
