What are examples of inelastic goods and an elastic goods?
Inelastic goods are good that are essential. EX. medications, milk, bread Elastic goods are good that are luxury items. EX. fine jewelry, yacht, plane
Would minimum wage be considered a price ceiling or a price floor?
It's a price floor because it makes employers have a minimum amount they have to pay their employees. It forces the employers to pay at least the minimum if not more.
How does overapplied/underapplied manufacturing overhead affect the income statement?
Overapplied manufacturing overhead increases the net income because it decreases the Cost of Goods sold. Underapplied manufacturing overhead decreases the net income because it increasesthe Cost of Goods sold.