Marilyn, Age 38, Is Employed as an Architect ​
Peter and Esther Would Qualify as Marilyn's Dependents Except

question 124

Essay

Marilyn, age 38, is employed as an architect.For calendar year 2017, she had AGI of $204,000 and paid the following medical expenses: $$\begin{array} { l r } \text { Medical insurance premiums } & \$ 7,800 \\\text { Doctor bills for Peter and Esther (Marilyn's parents) } & 7,300 \\\text { Doctor and dentist bills for Marilyn } & 11,100 \\\text { Prescription medicines for Marilyn } & 750 \\\text { Nonprescription insulin for Marilyn } & 950\end{array}$$ ​
Peter and Esther would qualify as Marilyn's dependents except that they file a joint return.Marilyn's medical insurance policy does not cover them.Marilyn filed a claim for reimbursement of $6,000 of her own expenses with her insurance company in December 2017 and received the reimbursement in January 2018.What is Marilyn's maximum allowable medical expense deduction for 2017?

Determine the price elasticity of demand at the profit-maximizing output level for a monopoly.

Assess the economic implications of monopoly practices, including deadweight loss and unrealized trades.

Compare and contrast the outcomes of monopoly markets with those of perfectly competitive markets.

Understand the role of government regulation and market structure in influencing monopoly behavior and market outcomes.

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Definitions:

Economic Decisions

Choices made by individuals or organizations regarding the allocation of resources and the distribution of goods and services, often based on factors like cost, benefits, and economic conditions.

International Monetary Fund

An international organization created to foster global monetary cooperation, secure financial stability, facilitate international trade, and reduce poverty around the world.

Short-term Loans

Loans that are scheduled to be repaid in a short period, typically within a year, used for immediate financial needs.

Deficits

The amount by which a government's, company's, or individual's spending exceeds its income over a particular period of time.