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True [87]
2 years ago
13

A group of ten UIC professors each contributed an equal amount to the purchase of a State of Illinois Lottery ticket. Two of the

m had to withdraw because of lack of funds, causing the share of the remaining professors to increase by $2.40. How much is the cost of the ticket (in dollars)
Business
1 answer:
Bogdan [553]2 years ago
3 0

Answer:

Total cost of Ticket = $96

Explanation:

Provided information,

Total number of people buying lottery ticket in a joint contribution = 10

Two people withdraw being short of funds, therefore people buying such ticket = 8

Revised share increase by $2.40 each.

Total increase = $2.40 \times 8 = $19.20

Just because 2 people withdraw, thus earlier contribution per person = $19.20/2 = $9.60

Therefore, total cost of ticket = $9.60 \times 10 = $96

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AlekseyPX

Answer:

Macaroni and cheese is an inferior good.

Explanation:

From the information given in the question, we can assume that macaroni and cheese are considered as an inferior good for this consumer because there is an inverse relationship between the income level of this consumer and the quantity demanded for macaroni and cheese.

If there is 10% increase in the income of an individual then as a result quantity demanded of macaroni and cheese decreases by 15% and the price of this good remains constant. This shows that macaroni and cheese is an inferior good.

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2 years ago
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postnew [5]

Answer:

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So based on the net present value the first option is correct as the project A is more than the project B

Therefore the first option should be accepted

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blondinia [14]
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A company has total assets of $1,000, current liabilities of $130, and total liabilities of $350. if debt is the only long-term
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