Ask question

Ask question

All categories

4 years ago

8

Suppose the government imposes a tax of 20 percent on the first $50,000 of income and 30 percent on all income above $50,000. wh

at is the average tax rate when income is $60,000

1 answer:

Alexus [3.1K]4 years ago

5 0

Idk idk idk idk idk idk idk idk

You might be interested in

Your division is considering two investment projects, each of which requires an up-front expenditure of $17 million. You estimat

denpristay [2]

Answer:

A

Explanation:

trust the brain bro.....

4 0

3 years ago

Consider airfares on flights between New York and Minneapolis. When the airfare is $250, the quantity demanded of tickets is 2,0

Andrei [34K]

Answer:

c the price elasticity of demand is about 1.43 and an increase in the airfare will cause airlines' total revenue to decrease.

Explanation:

q1 2,000 p1 250

revenue1 = quantity x price = 2,000x250 = 500,000

q2 1,700 p2 280

revenue2 = 1,700 x 280 = 476,000

<u>Midpoint formula:</u>

$E_p\frac{q_1-q_2}{\frac{q_1+q_2}{2}} \div\frac{p_1-p_2}{\frac{p_1+p_2}{2}}$

$\frac{2,000-1,700}{\frac{2,000+1,700}{2}} \div\frac{250 - 280}{\frac{250 + 280}{2}}$

$\frac{300}{1850} \div\frac{-30}{265}$

Ep = -1.432432432

As the price elasticity is above -1 the decrease in quantity is greater than the decrease in price thus, the revenue of the firm decreases if increase the price.

8 0

3 years ago

A newspaper story on the effect of higher milk prices on the market for ice cream contained the following: "As a result [of the

antoniya [11.8K]

Answer:

The price elasticity of demand for icecream is -0.75, that means that is inelastic.

Explanation:

Price elasticity of demand measures the porcentage of the change in the demand when there is a change in the price. If the change in porcentage of the demand is less than the pocentage of change in the price we talk about inelastic demand. An increase in the price of inelastic goods will result in bigger revenues, as the porcentage in the drop of sales is less than the porcentage of increase in the price.

The formula is: % in change demand/% in change of price

-3%/4= -0.75

The minus symbol indicates that when the price rises the demand decrease.

4 0

3 years ago

The following items appear on the balance sheet of a company with a one-year operating cycle. Identify the proper classification

nexus9112 [7]

Answer:

1. Notes payable (due in 13 to 24 months) - Long term Liability

This note will be owed for a period of more than 1 year. When this happens the note is said to be Long term.

2. Notes payable (due in 6 to 11 months). - Current Liability

As this note is due in a period less than a year, it is considered a current Liability.

3. Notes payable (mature in five years). - Long term Liability

This is a note that matures in a period more than a year making it a Long term Liability.

4. Current portion of long-term debt. Current Liability.

The current portion is due to be paid within the period so it is short term and hence a Current Liability.

5. Notes payable (due in 120 days). Current Liability.

Due in less than a year.

6. FUTA taxes payable. Current Liability

Taxes are generally considered a short term Liability until they are paid.

7. Accounts receivable. N (Not a Liability)

Accounts Receivable are Assets.

8. Sales taxes payable. Current Liability.

Taxes are generally considered a short term Liability until they are paid.

9. Salaries payable. Current Liability.

These salaries are owed for the period but have not been paid making them Current.

10. Wages payable. Current Liability.

Same as above. They are owed for the period but not yet paid.

4 0

3 years ago

Solve accepted a 60-day, 9 percent note from Pete Houghton in settlement of his past-due account for $6,000. On April 9, Westwoo

Stolb23 [73]

Missing information:

The note was accepted on March 10

Answer:

$6,029.10

Explanation:

in order to answer the question, I assumed a 360 day year, so 60 days = 2/12 of a year

the note's value on maturity date = principal + accrued interest = $6,000 + ($6,000 x 9% x 2/12) = $6,000 + $90 = $6,090

bank charges = note's value on maturity date x discount rate x 30 days = $6,090 x 12% x 1/12 = $60.90

net proceeds = $6,090 - $60.90 = $6,029.10

4 0

4 years ago