Sam Paid the Following Expenses During October 2016 for His

question 110

Multiple Choice

Sam paid the following expenses during October 2016 for his son Aaron's spring 2017 college expenses: Spring 2017 semester begins in January 2017: Tuition $ 18,000
Housing 8,000
Meal plan 3,500
In addition,Aaron's uncle paid $500 for college fees on behalf of Aaron directly to the college.Aaron is claimed as Sam's dependent on his tax return.How much of the paid expenses qualify for purposes of the education credit deduction for Sam in 2016?

• A)$18,500.
• B)$3,500.
• C)$18,000.
• D)$11,500.

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Definitions:

Linear Demand Curve

A linear demand curve depicts a direct, inverse relationship between the price of a product and the quantity demanded, represented graphically as a straight line.

Inelastic Portion

A segment of the demand curve where consumers are less sensitive to price changes, implying that the quantity demanded changes only slightly in response to large changes in price.

Elastic Portion

The segment of a demand or supply curve where a change in price leads to a more than proportional change in quantity demanded or supplied.

Marginal Cost Curve

A graphical representation showing how the cost of producing one more unit changes as production levels change.