The Demand for a Product Is Given By Graph the Demand Curve and Calculate Consumer Surplus at Price

question 14

Essay

The demand for a product is given by: $$\begin{array} { c c } \hline \text { Price } & \text { Quantity Demanded } \\\hline \$ 0 & 8 \\1 & 6 \\2 & 4 \\3 & 2 \\4 & 0 \\\hline\end{array}$$
Graph the demand curve and calculate consumer surplus at price of $2.

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Definitions:

Federal Income Taxes Payable

The amount of income tax that a company or individual owes to the federal government and has not yet paid.

Payroll Taxes Payable

Liabilities owed to tax authorities for employee taxes withheld and employer payroll taxes; to be paid within a specified period.

FUTA Payable

A liability account reflecting the federal unemployment tax due to the government by employers.

Wages and Salaries Expense

The cost incurred by a business to compensate its employees for their work, typically noted in the income statement.