discount + selling price ($32.5) = $50, this implies that the discount is $50 - $32.5 = 17.5
therefore the discount percent: $50 = 100%
$17.5 = ?
$17.5 x 100/$50
35%
For most automobile manufacturers, the elasticity of supply over time REMAINS THE SAME.
Automobile manufacturing takes time, it may take an automobile company several months to years before it can switch from constructing one type of car to another type. Such a company will have relatively inelastic supply in the long run compared to other products whose production process can be easily changed.
Housing, food and transportation
Answer:
Particulars Amount
Salary $40,000
Interest expenses <u>$8,000</u>
AGI $48,000
Less:
Itemized deduction ($60,000)
<em>Personal exemption (</em><em><u>$3,950)</u></em>
Taxable Income <u>($15,950)</u>
Taxable Income ($15,950)
Personal exemption (<u>$3,950)</u>
Net Operating Loss <u>$12,000</u>
Note: Interest on New York state bonds of $12,000 is an exemption
Then poverty will fall and inequality will rise.
<h3>
What is poverty?</h3>
- Being in a state of poverty means having few material possessions or little money.
- Numerous social, economic, and political factors can contribute to or be a result of poverty.
- There are two primary metrics of poverty used in statistics and economics: Relative poverty is the inability of a person to maintain a minimal standard of living in comparison to others in the same period and place.
- Absolute poverty is the comparison of income to the amount required to meet fundamental personal necessities, such as food, clothing, and shelter.
- Depending on the community or the country, many terms are used to define relative poverty.
<h3>
What is income inequality?</h3>
- The disparity in how income is allocated among people or populations is known as income inequality.
- It is also known as the wealth gap, wealth disparity, wealth and income discrepancies, or the gap between the rich and the poor.
- Therefore, the poverty will fall and inequality will rise.
Know more about absolute poverty here:
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