How does total revenue for the sale of product change
Assume that the supply curve for a good is constantly fixed at 100 units. Now suppose that the demand curve for the good increases such that the equilibrium price rises from $20 to $30. How does total revenue for the sale of this product change?
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On September 14, when the land is worth $240,000, it is distributed to David. Assuming that David's basis in his S corporation stock is $270,000 on the distribution date, discuss any Federal income tax ramifications.
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Now suppose that the demand curve for the good increases such that the equilibrium price rises from $20 to $30. How does total revenue for the sale of this product change?
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If your money wage doesn't increase, you may work more hours because of this cost-of-living increase. Is this response predominantly an income effect or a substitution effect? Briefly explain.
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