Waldo Bought Two Tickets for a Packers Game on Ebay

question 80

Multiple Choice

Waldo bought two tickets for a Packers game on Ebay for $400. The tickets had a face value of $50 each. He took a client to the game and they had a dinner afterwards where they discussed business. The cost of the dinner was $70. What is Waldo's deduction for these expenses if they were incurred in 2017?

• A) $470
• B) $235
• C) $170
• D) $85

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Definitions:

Price

The amount of money required to purchase a good or service, determined by factors such as demand and supply.

Demand Curve

A graph showing the relationship between the price of a good and the quantity demanded, typically downward sloping, reflecting price sensitivity.

Quantity Demanded

The complete sum of a good or service that shoppers intend and have the means to purchase at a set price.

Price

The amount of money expected, required, or given in payment for something, reflecting the value that customers pay for goods or services.