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# Solutions for Chapter 4: Intermediate Accounting 15th Edition

## Full solutions for Intermediate Accounting | 15th Edition

ISBN: 9781118147290

Solutions for Chapter 4

Solutions for Chapter 4
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##### ISBN: 9781118147290

Intermediate Accounting was written by Sieva Kozinsky and is associated to the ISBN: 9781118147290. This expansive textbook survival guide covers the following chapters and their solutions. Since 37 problems in chapter 4 have been answered, more than 1963 students have viewed full step-by-step solutions from this chapter. This textbook survival guide was created for the textbook: Intermediate Accounting, edition: 15. Chapter 4 includes 37 full step-by-step solutions.

Key Business Terms and definitions covered in this textbook
• average total cost

total cost divided by the quantity of output

• budget constraint

the limit on the consumption bundles that a consumer can afford

• capital

the equipment and structures used to produce goods and services

• classical dichotomy

the theoretical separation of nominal and real variables

• complements

two goods for which an increase in the price of one leads to a decrease in the demand for the other

• excludability

the property of a good whereby a person can be prevented from using it

• externality

the uncompensated impact of one person’s actions on the wellbeing of a bystander

• financial markets

financial institutions through which savers can directly provide funds to borrowers

• Giffen good

a good for which an increase in the price raises the quantity demanded

• horizontal equity

the idea that taxpayers with similar abilities to pay taxes should pay the same amount

• marginal cost

the increase in total cost that arises from an extra unit of production

• median voter theorem

a mathematical result showing that if voters are choosing a point along a line and each voter wants the point closest to his most preferred point, then majority rule will pick the most preferred point of the median voter

• multiplier effect

the additional shifts in aggregate demand that result when expansionary fiscal policy increases income and thereby increases consumer spending

• political economy

the study of government using the analytic methods of economics

• price floor

a legal minimum on the price at which a good can be sold

• quantity demanded

the amount of a good that buyers are willing and able to purchase

• quantity equation

the equation M × V = P × Y, which relates the quantity of money, the velocity of money, and the dollar value of the economy’s output of goods and services

• sacrifice ratio

the number of percentage points of annual output lost in the process of reducing inflation by 1 percentage point

• supply curve

a graph of the relationship between the price of a good and the quantity supplied

• world price

the price of a good that prevails in the world market for that good

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