Assume that, at the end of 1999 (1998), Pfizer reported that replacement cost (equivalent to FIFO) for its inventories that are valued using LIFO accounting was $15 ($8) million greater than the LIFO valuation. Ignoring the impacts of any acquisitions and divestitures, how much income "from continuing operations before provision for taxes on income and minority interests" would have been reported by Pfizer if it had used replacement cost accounting (FIFO) during 1999? Show work and discuss the advantages of FIFO over LIFO and vice versa.

Susie buys two goods - rounds of golf and massages. suppose that the price of a round of golf is $20, and the price of a massage is $30. in a typical week susie will play two rounds of golf, getting 20 units of satisfaction from the second round. she normally buys three massages each week, with the third giving her 30 units of satisfaction. if she were to buy a fourth massage in a week, it would give her 20 units of satisfaction. if the price of massages is reduced to $15, which of the following outcomes might we expect to occur? a) susie would leave her consumption choices unchanged because of diminishing marginal utility in the consumption of massages. b) susie would buy more massages and more rounds of golf, as predicted by the substituion effect. c) susie would buy more massages and fewer rounds of golf, as predicted by the substitution effect. d) susie would buy more massage and fewer rounds of golf, as predicted by income effect.