James Dean Received the Following This Year $\quad$ $\$ 20,000$

question 45

Multiple Choice

James Dean received the following this year. Scholarship for college tuition ard fees $\quad$$\$ 20,000$
Scholarship for college rocm ard board $\quad$$\$ 12,500$
Chamber of Cormuerce citizenship award $\quad$$\$ 1,500$
Irheritarce from great wacle $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\$ 38,000$ Compute James' gross income.

• A) $12,500
• B) $14,000
• C) $34,000
• D) None of the above.

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Definitions:

Total Revenue

The overall amount of money generated by a business from its sales activities before any costs or expenses are deducted.

Price

The financial outlay presumed, obligatory, or given in payment for an object.

Demand Function

A mathematical expression showing the relationship between the quantity demanded of a good and various factors that affect this quantity, such as price, income, and prices of related goods.

Cross Price Elasticity

A gauge of the responsiveness in the demand for a specific product due to fluctuations in the pricing of another product.