Billy, single and age 42, has the following items of income and expense for the current tax year. Wages: $60,000 Interest: $1,000 Inheritance: $50,000 Alimony paid: $10,000 Child support paid: $8,000 Federal taxes paid: $5,000 State income taxes paid: $2,000 Medical expenses: $7,500 Tickets from his employer for one basketball game: $100 How much of the medical expenses can he utilize as an itemized deduction (reminder: take larger standard or itemized deduction)

Abusiness cycle reflects in economic activity, particularly real gdp. the stages of a business cycle

Wo firms, a and b, each currently dump 50 tons of chemicals into the local river. the government has decided to reduce the pollution and from now on will require a pollution permit for each ton of pollution dumped into the river. it costs firm a $100 for each ton of pollution that it eliminates before it reaches the river, and it costs firm b $50 for each ton of pollution that it eliminates before it reaches the river. the government gives each firm 20 pollution permits. government officials are not sure whether to allow the firms to buy or sell the pollution permits to each other. what is the total cost of reducing pollution if firms are not allowed to buy and sell pollution permits from each other? what is the total cost of reducing pollution if the firms are allowed to buy and sell permits from each other? a. $3,000; $1,500 b. $4,500; $3,500 c. $4,500; $4,000 d. $4,500; $2,500

Zane's vanes is a service that restores old weather vanes. zane has just spent $125 purchasing a 1920s-era weather vane which he expects to restore and sell for $500 once the work is completed. after having spent $125, zane realizes that he will need to spend an additional $200 on materials to complete the restoration. alternatively, he can sell the weather vane without restoring it for $200. what is his marginal benefit if he sells the weather vane without restoring it?