Lisa and Collin Are Married

question 28

Essay

Lisa and Collin are married.Lisa works as an engineer and earns a salary of $116,000.Collin works at a beauty salon and reported wages of $45,000.Lisa received $500 of interest from corporate bonds and $250 of interest from a municipal bond.Lisa acquired these bonds prior to her marriage to Collin.Collin's father passed away on April 14.He inherited cash of $50,000 and his baseball card collection,valued at $2,000.As beneficiary of his father's life insurance policy,Collin also received $150,000.The couple spent a weekend in Atlantic City in November and came home with gambling winnings of $1,200.Collin was injured in an accident at the salon.He was unable to work for a month,but during this time he received $5,000 from disability insurance he purchased several years ago.Collin also received $2,000 in workman's compensation,and $1,500 from the salon for the emotional trauma he suffered from the accident.Calculate Lisa and Collin's gross income for this year assuming they will file married joint.

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Definitions:

Quantity Supplied

The total amount of a good or service that producers are willing and able to sell at a given price within a specific time period.

Market Mechanism

The process through which supply and demand interact to determine prices and allocate resources efficiently in a market economy.

Equilibrium Quantity

The amount of products or services available meets the amount that consumers want to buy at the price point where supply and demand balance.

Crude Oil

A naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials used as a primary energy source.