Bob is a self-employed lawyer and is required to take a week of continuing legal education every year to maintain his license. This year he paid $1,150 in course fees for his continuing legal education in a different city. He also paid $354 for airfare and a hotel room and paid $234 for meals. What is the total amount he can deduct on his Schedule C related to these expenses?

total amount = $1621

Explanation:

given data

course fees for continuing legal education = $1,150

airfare and a hotel room = $354

meals = $234

solution

as here Bob only deduct half of meal expenditure on business trip because as per the law only 50 % expenses is allowable for food

so amount deduct = 0.50 × $234 = $117

and

airfare is expense is fully allowable

so amount deduct able = 100% × $354 = $354

and  

professional expenses are  also allowable  so

so amount deduct able = 100% ×  $1,150 = $1150

so  total amount deduct able expenditure under schedule C  is

total amount = $117 + $354 +$1150

total amount = $1621

answer; property tax payment made in july and december;

answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.