During 2014,Esther Had the Following Transactions A) $\$ 62,000 .$ B) $\text { \$64.000. }$

question 17

Multiple Choice

During 2014,Esther had the following transactions:
$\begin{array}{lr}\text { Salary } & \$ 70,000 \\\text { Interest income on Xerox bonds } & 2,000 \\\text { Inheritance from uncle } & 40,000 \\\text { Contribution to traditional IRA } & 5,500 \\\text { Capital losses } & 2,500\\\text { Esther's } A G I \text { is: }\end{array}$

• A)\(\$ 62,000 .\)
• B)\(\text { \$64.000. }\)
• C)\(\$ 67,000 .\)
• D)\(\$ 102,000\)
• E)\(\text {\$104.000. }\)

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Definitions:

Producer Surplus

The difference between the actual amount a producer receives from selling a product and the minimum amount they would accept.

Minimum Acceptable Price

The lowest price at which a seller is willing to sell a product or service, often covering at least the cost of production.

Consumer Surplus

The discrepancy between the aggregate amount consumers are willing to expend on a good or service and the aggregate amount they really expend.

Total Revenues

The complete amount of income generated by a company through its various business activities.