During the Year, Walt Travels from Seattle to Tokyo (Japan) $$\begin{array} { l r } \text { Air fare } & \$ 3,000 \\\text { Lodging } & 2,000 \\\text { Meals and entertainment } & 1,000\end{array}$$

question 72

Multiple Choice

During the year, Walt travels from Seattle to Tokyo (Japan) on business.His time was spent as follows: 2 days travel (one day each way) , 2 days business, and 2 days personal.His expenses for the trip were as follows (meals and lodging reflect only the business portion) : $$\begin{array} { l r } \text { Air fare } & \$ 3,000 \\\text { Lodging } & 2,000 \\\text { Meals and entertainment } & 1,000\end{array}$$ ? Presuming no reimbursement, Walt's deductible expenses are:

• A)$3,500.
• B)$4,500.
• C)$5,500.
• D)$6,000.
• E)None of these.

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Definitions:

Elastic

Describes a situation in economics where the quantity demanded or supplied of a good changes significantly in response to changes in its price.

Demand for Land

The desire or need by individuals or businesses to purchase or lease land for various uses such as agriculture, commercial, or residential purposes.

Supply of Land

The total land area that is available for a particular use, such as agriculture, industry, or housing, which is often fixed and inelastic in the short term.

MRP Curve

The marginal revenue product curve, illustrating the additional revenue generated from employing one more unit of a factor of production.