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2 years ago

describes demand when a given change in price causes a relatively larger change in the quantity demanded

1 answer:

4 0

Answer:

Explain: Demand is elastic when a change in price causes a relatively larger change in quantity demanded. Demand is inelastic when a change in price causes a relatively smaller change in quantity demanded. Demand is unit elastic when a change in price causes a proportional change in quantity demanded.

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Hilda and Hyatt paid $7,875 last year in mortgage interest, $4,200 in principal payments, $1,850 in property tax, $840 in mortga

olga55 [171]

Answer:

Mortgage interest of $7,875 and property taxes of $1,850.

Explanation:

A tax deduction can be defined as the total amount of money that one can deduct to lower their tax liability. More tax deductions always implies a reduced tax liability. In dealing with mortgage payments, tax deductions should be considered carefully to determine how much one tax one needs to pay. The following mortgage expenses are considered for deductions;

1. Mortgage interest

A mortgage interest deduction is a deduction that allows homeowners to subtract the interest on the loan they used to pay for the purchase, improvements or building of a home. In our case, Hilda and Hyatt are liable to a deduction of $7,875.

2. Property tax

In general, state and local property taxes are eligible to be deducted from the federal income taxes of a property owner. The only taxes that are deductible are state, local and foreign taxes levied for public welfare. They do not include services like home renovation and trash collection. The federal tax as of 2018 for property tax was capped at a total of $10,000. This means that any property tax value below $10,000 was eligible to a property tax deduction of that amount.

3 0

3 years ago

Risks of global trade include all of the following EXCEPT ________.

mihalych1998 [28]

Answer:

Option e: Increased opportunities for growth

Explanation:

Global trade is simply the exchange of goods between different countries.Trade is an exchange of items between people or countries.Countries are able to obtain goods they need from other countries.

four major risks in international business includes Country risk, commercial risk, cross-cultural risk, and currency risk.

Increased opportunities for growth is not an effect of risk in global trade.

6 0

3 years ago

If a competitive firm can sell a ton of steel for $500 a ton and it has an average variable cost of $400 a ton, and the marginal

Lena [83]

If a competitive firm can sell a ton of steel for $500 a ton and it has an average variable cost of $400 a ton, and the marginal cost is $600 a ton, the firm should reduce its output. The reason for the reduction of output is the marginal cost it will have. The marginal cost exceeds the selling price of the product which is a bad sign for the company.

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3 years ago

If the fed wishes to increase the money supply then it should: increase the required reserve ratio. increase the discount rate.

charle [14.2K]

The Fed can influence the money supply by modifying reserve requirements, which is the amount of funds banks must hold against deposits in bank accounts. ... Inopen operations, the Fed buys and sells government securities in the open market.If the Fed wants to increase the money supply, it buys government bonds.

5 0

3 years ago

The following information is available for Splish Brothers Corp. for the year ended December 31, 2022. Other revenues and gains

Readme [11.4K]

Answer:

Net Income 195,300

Explanation:

The question is to prepare a multi-step income statement

Splish Brothres Corp

Income Statement for the year ended December 31, 2022

Particulars/Description Amount ($) Amount ($)

Sales Calculation

Sales Revenue 747,000

Subtract:

Sales Returns 9,000

Sales discounts 3,200 (12,200)

Net Sales 734,800

Cost of Goods sold (283,000)

Gross Profit 451,800

Operating Expenses (210,000)

Operational Income 241,800

Other gains and revenue 21,800

Other Expenses and losses (3,200) 18,600

Income before Income Taxes 260,400

Income tax expense (25% x 260,400) (65,100)

Net Income 195,300

4 0

3 years ago