Heloise, Age 74 and a Widow, Is Claimed as a Dependent

question 107

Essay

Heloise, age 74 and a widow, is claimed as a dependent by her daughter. For 2017, she had income as follows: $2,500 interest on municipal bonds; $3,200 Social Security benefits; $3,000 income from a part-time job; and $2,800 dividends on stock investments. What is Heloise's taxable income for 2017?

Explain the concept of micelles, their formation, and their role in the action of soaps and detergents.

Understand the properties and reactions of fatty acids and their derivatives.

Describe the chemical characteristics and uses of different lipid-related substances such as triglycerides, prostaglandins, and phospholipids.

Analyze the effect of the chemical structure on the physical properties of lipids, such as melting points.

---

Definitions:

Opportunity Costs

The financial loss associated with overlooking the alternative that is considered second-best when making a choice.

Average Total Cost

The total cost of production (fixed and variable costs combined) divided by the total quantity of output produced.

Competitive Market

A market structure characterized by a large number of sellers and buyers, free entry and exit, and products that are similar enough to be considered substitutes, leading to price competition.

Economic Profit

The difference between a company's total revenue and its total costs, including both explicit and implicit costs, representing the financial gain in excess of opportunity costs.