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What are the basic requirements for a business expense to be deductible?
Quantity Effect
The impact on total consumption or production as a result of a change in quantity, holding price constant.
Price Effect
The change in consumption resulting from a change in the price of a good or service, influencing consumer behavior.
Student Tuition
The fee or payment required for attending an educational institution, such as a college or university.
Total Revenue
The total income a business receives from selling its goods or services, calculated as the quantity sold multiplied by the price.
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