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Jasmine L.
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Microeconomics
TutorMe
Question:

What are examples of inelastic goods and an elastic goods?

Jasmine L.
Answer:

Inelastic goods are good that are essential. EX. medications, milk, bread Elastic goods are good that are luxury items. EX. fine jewelry, yacht, plane

Macroeconomics
TutorMe
Question:

Would minimum wage be considered a price ceiling or a price floor?

Jasmine L.
Answer:

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.

Accounting
TutorMe
Question:

How does overapplied/underapplied manufacturing overhead affect the income statement?

Jasmine L.
Answer:

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.

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