The demand curve for gasoline slopes downward and the supply curve for gasoline slopes upward. the production of the 1,000th gallon of gasoline entails the following:

• a private cost of $3.10;
• a social cost of $3.55;
• a value to consumers of $3.70.

let q represent the number of gallons of gasoline and let p represent the price of a gallon of gasoline. which of the following statements is correct?

a. one point on the demand curve is (q = 1,000, p = $3.55).
b. one point on the social-cost curve is (q = 1,000, p = $0.45).
c. one point on the supply curve is (q = 1,000, p = $3.10).
d. the socially optimal quantity of gasoline is less than 1,000 gallons

Which of the following statements is correct? large corporations are taxed more favorably than sole proprietorships. corporate stockholders are exposed to unlimited liability. due to limited liability, unlimited lives, and ease of ownership transfer, the vast majority of u.s. businesses (in terms of number of businesses) are organized as corporations. most businesses (by number and total dollar sales) are organized as partnerships or proprietorships because it is easier to set up and operate in one of these forms rather than as a corporation. however, if the business gets very large, it becomes advantageous to convert to a corporation, mainly because corporations have important tax advantages over proprietorships and partnerships. most business (measured by dollar sales) is conducted by corporations in spite of large corporations’ often less favorable tax treatment, due to legal considerations related to ownership transfers and limited liability.

You speak to a business owner that is taking in almost $2000 in revenue each month. the owner still says that they are having trouble keeping the doors open. how can that be possible? use the terms of revenue, expenses and profit/loss in your answer

Jacob is a member of wcc (an llc taxed as a partnership). jacob was allocated $155,000 of business income from wcc for the year. jacob’s marginal income tax rate is 37 percent. the business allocation is subject to 2.9 percent of self-employment tax and 0.9 percent additional medicare tax. (round your intermediate calculations to the nearest whole dollar a) what is the amount of tax jacob will owe on the income allocation if the income is not qualified business income? b) what is the amount of tax jacob will owe on the income allocation if the income is qualified business income (qbi) and jacob qualifies for the full qbi duduction?