The 2018 Standard Mileage Rate for Taxpayer Use of a Personal

question 103

True/False

The 2018 standard mileage rate for taxpayer use of a personal auto for transportation for medical care is $.19 per mile.

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Definitions:

Average Variable Cost

The total variable cost of production divided by the quantity of output produced; it decreases and then increases as output increases due to economies and diseconomies of scale.

Economic Profit

The extra income a business makes after accounting for all costs and expenditures, including opportunity costs.

Profit-Maximizing Output

Profit-maximizing output is the quantity of production at which a firm achieves the highest possible profit, where marginal cost equals marginal revenue.

Total Variable Cost

The sum of all costs that vary with the level of output, such as materials and labor, distinct from fixed costs.