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Mike operates a fishing outfitter as an accrual-method sole proprietorship. On March 1 st of this year, Mike received $15,000 for three outfitting trips. This is the first time Mike agreed to such a payment and he is obligated to outfit one trip per year for the next three summers, beginning this year. How much income must Mike recognize in each of the next three years if he is attempting to minimize his tax burden?
Externality
Actions of one party impose costs or benefits on a second party.
Economy of Scale
The cost advantages that enterprises obtain due to their scale of operation, typically resulting in decreased per-unit cost as production increases.
Public Good
A good that is non-excludable and non-rivalrous, meaning it can be used by everyone and one person's use doesn't reduce its availability to others.
Total Damage
The cumulative harm or loss resulting from an action or event, encompassing both material and immaterial impacts.
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