Given the Following Information

question 101

Multiple Choice

Given the following information:

What is the amount of cash over and short?

• A)Debit $84.73.
• B)Credit $84.73.
• C)Debit $160.94.
• D)Credit $160.94.
• E)No cash over or short would be recorded.

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Definitions:

Utility Function

A mathematical representation of how different goods or bundles of goods provide satisfaction or utility to a consumer.

Substitution Effect

The change in the consumption of goods as a result of a change in their relative prices, holding the consumer's utility level constant.

Income

The financial gain received by an individual or business, typically expressed as a total earnings or profit.

Price

The amount of money required to purchase a good or service, or the value that consumers are willing to pay for it.