Solve the Problem Using the Elimination Method

question 65

Multiple Choice

Solve the problem using the elimination method.
-There were 490 people at a play. The admission price was $3 for adults and $1 for children. The admission receipts were $1070. How many adults and how many children attended?

• A) 290 adults and 200 children
• B) 267 adults and 223 children
• C) 100 adults and 390 children
• D) 200 adults and 290 children

Understand the rationale and effects of government interventions in agriculture, including price supports and subsidies.

Identify and describe the various types of agricultural subsidies provided under the Food, Conservation, and Energy Act of 2008.

Analyze the impact of agricultural policies on market prices, production levels, and distribution of income within the agricultural sector.

Explain the concept of parity and its application in government price supports for agricultural products.

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Definitions:

Allocation Basis

A method or principle used to distribute costs or revenues among various accounts or periods.

Weighted-Average Method

An inventory costing method that assigns a cost to inventory on the basis of the average cost of all similar items in inventory, weighted by the quantity of each item.

Direct Materials Cost

The cost of raw materials and components that go directly into the production of a product.

Work In Process Inventory

The value of all the materials, labor, and overhead costs for products that are partially completed by a company.