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Marginal Revenue
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∙ 11y ago
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Is the income effect positive for every goods?
no, income effect on every good is not psitive because in case of giffen goods consumer will buy more if his income is low but he buy less at more income
What is a good that consumers will demand more of when their income increase?
food
How do changes in income affect the demand for a good?
Increases in income allow for more disposable income which increases spending and the demand for goods. Decreases in income conversely decreases disposable income which decreases spending.
If insurance pays more for a claim than it costs for repairs do you have to claim the additional payout as income for tax purposes?
That means that it is really stupid
What is the difference between a normal good and an inferior good?
Normal and inferior goods are classification given by economists to to goods judging on their behavior. Normal good is the most common type. It is said a good is normal when it's consumption increases when the income increases. Like clothes, when your income increases you buy more clothes. The opposite happens with inferior goods, of which consumption decreases when the available income increases. For example, used books and instant noodles: the more income you have the less used books and noodles you buy. A normal good is a good that a person will be more likely to buy the higher their income becomes. An inferior good is a good a person will be less likely to buy the higher their income becomes.
Is selling a home for more than you paid for it considered income?
NO
The income that the supplier receives from selling one more unit?
marginal revenue
Does selling of one business to buy another count as income?
Yes, if you make more money selling the business than you spent buyingand starting the new one. You do have to show paperwork on boththe buying and selling.
Is the income effect positive for every goods?
no, income effect on every good is not psitive because in case of giffen goods consumer will buy more if his income is low but he buy less at more income
At what age do you get benefits?
A person can start getting Social Security benefits at age 62. The longer a person waits the more Social Security pays. Because of additional income taxes on income from jobs, people with jobs normally wait until they are about 66 when the additional income tax caused because they are collecting social security stops before they start collecting Social Security. The additional income tax only applies to people with jobs. People with other retirement income do not need to pay it. So, people laid off at 62 without prospects of another job usually start collecting Social Security. People with good jobs hold off.
What is a good that consumers will demand more of when their income increase?
food
When selling household belongings do you claim it as income?
If you are a individual taxpayer and you sell your household items at more than they cost you and you make a profit on them then you would have some income that you would have to report on your 1040 income tax return. If you are in the business of selling household belongings then you are a self employed taxpayer and will have to use the schedule C of the 1040 income tax return to report your gross sale and expenses from your business operation.
How does the demand for a good change with the change in the income of the individual?
People who have a higher income can afford to buy more things.
When income increases the demand for this type of good decreases.?
When people have more income, they will buy luxury products such as art.
How do changes in income affect the demand for a good?
Increases in income allow for more disposable income which increases spending and the demand for goods. Decreases in income conversely decreases disposable income which decreases spending.
If insurance pays more for a claim than it costs for repairs do you have to claim the additional payout as income for tax purposes?
That means that it is really stupid
What is the difference between a normal good and an inferior good?
Normal and inferior goods are classification given by economists to to goods judging on their behavior. Normal good is the most common type. It is said a good is normal when it's consumption increases when the income increases. Like clothes, when your income increases you buy more clothes. The opposite happens with inferior goods, of which consumption decreases when the available income increases. For example, used books and instant noodles: the more income you have the less used books and noodles you buy. A normal good is a good that a person will be more likely to buy the higher their income becomes. An inferior good is a good a person will be less likely to buy the higher their income becomes.
