During the Year, Sophie Went from Omaha to Lima (Peru) $\begin{array}{llr} \text { Air fare} &\$3,000\\ \text { Lodging } &800\\ \text { Meals} &600\\ \text { Entertainment } &400\\\end{array}$

question 63

Short Answer

During the year, Sophie went from Omaha to Lima (Peru) on business. She spent four days on business, two days on travel, and four days on vacation. Disregarding the vacation costs, Sophie's unreimbursed expenses are:
$\begin{array}{llr} \text { Air fare} &\$3,000\\ \text { Lodging } &800\\ \text { Meals} &600\\ \text { Entertainment } &400\\\end{array}$

Sophie's deductible expenses are:
A) $\$ 4,300$ .
B) $\$ 3,100$ .
C) $\$ 2,800$ .
D) $\$ 2,500$ .
E)None of the above

• A)\( \$ 4,300 \).
• B)\( \$ 3,100 \).
• C) \( \$ 2,800 \).
• D) \( \$ 2,500 \).
• E)None of the above

Understand the concept of elasticity of resource demand and factors affecting it.

Identify determinants of price elasticity of demand for an input.

Analyze the impact of substitutes on the elasticity of demand for resources.

Understand the relationship between the elasticity of demand for labor and the elasticity of demand for the product it produces.

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Definitions:

SSE

Sum of Squared Errors, a measure used in statistics to describe the amount by which the observations differ from their mean value.

Gas Brand

A company that sells gasoline to consumers, often associated with a particular type of fuel or level of service.

Car Type

A classification for automobiles that distinguishes them based on characteristics like body style, size, and utility.

Car Type SS

Refers to a specific classification or model of a vehicle, often implying a designation for performance or body style.