Murtaza Started Working for AECL in 2001

question 73

Multiple Choice

Murtaza started working for AECL in 2001. His pay in 2002 was $64 464. His compensation in 2012 was $128 928 (which is double the compensation he received in 2002) . Using Table 3.3 in the book, calculate his change in federal income tax, assuming that this table was also applicable in 2002.

• A) $11 192.59
• B) $27 115.23
• C) $28 420.65
• D) $15 922.64
• E) $17 228.06

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Definitions:

Total Revenue

The total amount of money received by a company for goods sold or services provided during a certain period.

Price

The amount of money required to purchase a good or service.

Elastic

Describing a situation where the quantity demanded or supplied of a product changes significantly in response to a change in price.

Total Revenue

The total amount of money a firm receives by selling goods or services, calculated as the quantity sold multiplied by the price.