Answer:
$367,500
Explanation:
Estimation of the family’s life insurance needs
Using the easy method
Based on the information given we were told that Mark gross salary is $75,000 while is wife
Parveen is a stay-at-home mom this means that we would be using the easy method to estimate the family’s life insurance needs based on Mark gross salary of $75,000 because he is the only one that earn on a monthly basis.
Insurance need =$75,000 x 7 years x 70%
Insurance need = $367,500
Therefore the family’s life insurance needs will be $367,500
In a perfectly competitive market, a firm's short-run supply curve is:_________.
a. its average variable cost curve below the point of intersection with its total cost curve.
b. its total cost curve between the shutdown point and the break-even point.
c. its marginal cost curve equal to or above the point of intersection with its average variable cost curve.
d. its total cost curve.
Answer:
B
Explanation:
Conor broke his wrist while playing basketball in the backyard. He ended up in the hospital. After an X-ray, MRI, doctor visit and a cast, he receives a hospital bill for $10,000. According to his health insurance policy, he has $2,000 deductible (which he did not pay this year at all) and a 20% co-pay. How much Conor will have to pay for the hospital?
Answer:
$6,000
Explanation:
A deductible is the amount Conor has to pay before his medical bills and prescriptions start getting coverage from his insurance.
Step 1: 10,000 - 2,000 = 8,000
A co-pay is a fixed amount the insured has to pay for certain medical services.
Step 2: 20% of 8,000 or 0.20 times 8,000 = 1,600
Step 3: add $2,000 (the deductible you have to pay) and $1,600 (the co-pay)
Total amount that Conor will have to pay for the hospital: $3,600
The main difference between the classical model of the price level and the modern understanding of the relationship between the money supply, the price level, and real GDP is that according to classical economists, _____, while today's economists _____
Answer:
D. classical economists the adjustment of prices to changes in the money supply is instantaneous, while economists today argue that this adjustment process takes some time.
Explanation:
The difference between the classical and modern understanding of the price level is highlighted in the Classical and Keynesian theories. The Classical model assumes that the economy moves towards full employment and is self-adjusting. It also stipulates that prices and wages are flexible based on the demands at the present time. So it simply explains changes in the short-run which automatically resolve themselves without requiring and external help from the government or any other source.
The Keynesian model was developed after the Great Depression when there was massive unemployment. It holds that the economic output reflected in the real GDP, as well as price level, can remain below its optimum potential for a long period of time, thus requiring external factors to stabilize them. Therefore, the adjustment process takes some time to be fully resolved.
Euan manages product design and development at a toy company. The junior managers who report to him tell him that new complementors for the firm's products are available. What should Euan's reaction be? He should consult lawyers about the possibility of suing for copyright infringement. If the industry barriers to entry are low, he doesn't need to do anything. If the industry barriers to entry are high, he doesn't need to do anything. He needs to find out if his company as well as other companies can provide the complements.
Answer:
He needs to find out if his company as well as other companies can provide the complements.
Explanation:
The complementary products are the products that are used with the another product
Since in the question, it is mentioned that the new complementors are available for the firm products based on this the Euan reaction is that to determine his company and along with other company are providing the complements or not due to which he is able to analyze the level of competition
Hence, the last option is correct
The following partially completed process cost summary describes the July production activities of Ashad Company. Its production output is sent to its warehouse for shipping. All direct materials are added to products when processing begins. Beginning work in process inventory is 20% complete with respect to conversion.
Equivalent Units of Production Direct Materials Conversion
Units transferred out 37,500 EUP 37,500 EUP
Units of ending work in process 2,000 EUP 1,200 EUP
Equivalent units of production 39,500 EUP 38,700 EUP
Costs per EUP Direct Materials Conversion
Costs of beginning work in
process $13,450 $1,860
Costs incurred this period 440,800 238,080
Total costs $454,250 $239,940
Units in beginning work in process (all completed during July) 1,500
Units started this period 38,000
Units completed and transferred out 37,500
Units in ending work in process 2,000
Exercise 16-12 Weighted average: Completing a process cost summary LO C3
Prepare its process cost summary using the weighted-average method. (Round "Cost per EUP" to 2 decimal places.)
Answer:
Units Transferred Out $ 663750
Work In Process Ending $ 30440
Direct Materials Costs $ 11.5 per EUP Conversion Costs$6.2 per EUP
Explanation:
Ashad Company
Weighted Average Method
Cost Of Production Report
Equivalent Units of Production
Direct Materials Conversion
Units transferred out 37,500 EUP 37,500 EUP
Units of ending work in process 2,000 EUP 1,200 EUP
Equivalent units of production 39,500 EUP 38,700 EUP
Costs Added
Direct Materials Conversion
Costs of beginning work in
process $13,450 $1,860
Costs incurred this period 440,800 238,080
Total costs $454,250 $239,940
Costs per EUP
Direct Materials Conversion
$454,250/ 39,500 EUP $239,940/38,700 EUP
= $ 11.5 per EUP = $6.2 per EUP
Dividing the costs with EUP gives cost per EUP.
Costs Accounted For
Units Transferred Out $ 663750
Materials = $ 11.5 * 37500=$ 431250
Conversion= $ 6.2 * 37500=$ 232500
Total = $ 663750
Work In Process Ending $ 30440
Materials = $ 11.5 * 2000=$ 23000
Conversion= $ 6.2 * 1200=$ 7440
Total = $ 30440
Now adding the costs of Transferred out units and the ending work in process inventory equals the total of the costs added.
$ 663750+$ 30440 = $454,250 + $239,940
$ 694190 = $ 694190
The reference base period for the CPI is 1982-1984. In May 2017, the CPI was 244.7. Complete the sentence. This CPI in May 2017 tells us that the ______ of the prices paid by urban consumers for a fixed basket of consumer goods and services was ______ .
Answer:
1. average;
2. 144.7 percent higher in May 2017 than the average of 1982-1984
Explanation:
Given the reference base period for the CPI is 1982-1984. And then, considering that in May 2017, the CPI was 244.7.
Then completing the following statement goes thus:
The Cost Price Index, often shortened as CPI, in May 2017 tells us that the AVERAGE of the prices paid by urban consumers for a fixed basket of consumer goods and services was "144.7 percent higher in May 2017 than the average of 1982-1984."
Panamint Systems Corporation is estimating activity costs associated with producing disk drives, tapes drives, and wire drives. The indirect labor can be traced to four separate activity pools. The budgeted activity cost and activity base data by product are provided below. Activity Cost Activity Base Procurement $317,500 Number of purchase orders Scheduling 217,400 Number of production orders Materials handling 429,500 Number of moves Product development 738,800 Number of engineering changes Production 1,506,700 Machine hours Number of Purchase Orders Number of Production Orders Number of Moves Number of Engineering Changes Machine Hours Number of Units Disk drives 3,860 300 1,330 15 1,800 2,500 Tape drives 2,500 135 740 7 8,300 3,600 Wire drives 12,600 790 4,100 30 10,200 2,500 The activity rate for the procurement activity cost pool is
Answer:
Panamint Systems Corporation
Activity rate for the procurement activity cost pool:
= Procurement/Number of purchase orders
= $317,500/18,960
= $16.75
Explanation:
a) Data:
Activity Pools Disk Drives Tape Drives Wire Drives
Number of Purchase Orders 3,860 2,500 12,600
Number of Production Orders 300 135 790
Number of Moves 1,330 740 4,100
Number of Engineering Changes 15 7 130
Machine Hours 1,800 8,300 10,200
Number of Units 2,500 3,600 2500
Activity rate for the procurement activity cost pool:
= Procurement/Number of purchase orders
= $317,500/18,960
= $16.75 per order
The Panamint Systems Corporation activity rate for the procurement activity cost pool is the total procurement cost divided by the number of purchase orders across the three product lines. This produces a rate for obtaining the procurement cost for each product line of disk drives, tapes drives, and wire drives, using the activity-based costing (ABC) system.
The legal document identifying the rights and obligations of both the bondholders and the issuer is called the bond ______. This document describes the number of bonds authorized, their par value, and the contract interest rate. agreement document indenture article
Answer: indenture
Explanation:
The bond indenture is a legal contract that or covers a purchase obligation or a debt.
Therefore, the legal document identifying the rights and obligations of both the bondholders and the issuer is called the bond indenture. This document describes the number of bonds authorized, their par value, and the contract interest rate.
Erin works for a dry-cleaning company that has a contract with the U.S. government. To save on cleaning fluid, her boss orders her to wash some clothes that are supposed to be dry-cleaned in a washing machine. When the courier hired to pick up the cleaned garments arrives, Erin tells him about her boss' actions. Erin tells no one else about what is going on and is later fired. Erin:
Answer: Erin is not protected by whistleblower statute
Explanation:
From the question, we are informed that Erin works for a dry-cleaning company that has a contract with the U.S. government and that in order to save on cleaning fluid, her boss orders her to wash some clothes that are supposed to be dry-cleaned in a washing machine.
We are further told that when the courier hired to pick up the cleaned garments arrives, Erin tells him about her boss' actions but Erin tells no one else about what is going on and is later fired.
This shows that the whistleblower statute didn't protect Erin because of her failure to inform the main party that was affected of the contract violation
Georgia was supposed to pay her premium by the 15th of the month. Which of the following provisions allows her to keep her coverage if she is a couple of weeks late with paying her premium (without penalty)?
a) Incontestability clause
b) Misstatement of age provision
c) Naming a beneficiary
d) Policy reinstatement
e) The grace period
Answer: The Grace period
Explanation:
From the question, we are informed that Georgia was supposed to pay her premium by the 15th of the month. The provision that allows her to keep her coverage even though she is a couple of weeks late with paying her premium without penalty is referred to as the grace period.
The grace period is a period of time which is after the due period of an obligation whereby a late fee or a penalty is waived. In this case, Georgia was in her grace period.
Strong Look Corporation provided the following information to its accountants. The company had current assets of $145,332, net fixed assets of $356,190, and other assets of $4,176. The firm has long-term debt of $76,445, common stock of $200,000, and retained earnings of $134,461. What amount of current liabilities does this firm have?
Answer:
Explanation:
Given the following :
current assets = $145,332
Net fixed assets = $356,190
Other assets = $4,176
Long-term debt = $76,445
Common stock = $200,000
Retained earnings = $134,461
Current liabilities = ( Total assets - Long-term debt - Total stockholders' equity)
Total assets = (current + net + other) assets
Total assets = $(145,332 + 356,190 + 4, 176) = $505,698
Total Stockholder's equity = ( common stocks + retained earning)
Total stockholders' equity = $200,000 + $134,461 = $334,461
Current liabilities = ( Total assets - Long-term debt - Total stockholders' equity)
Current Liabilities :
($505,698 - $76,445 - $334,461) = $94,792
Plezion Corp. is an independent distributor that connects furniture sellers to its buyers. The company distributes furniture made of plastic, wood, and carbon fiber on a large scale. The company does not take legal ownership of the goods it distributes. In this scenario, it can be said that Plezion Corp. is a(n) _____.
Answer:
Agent
Explanation:
A business agent is defined as a person or entity that manages the business affairs of another person or company.
The extent of their duties depends on the contract that exists between the agent and the entity they represent.
Usually agents are involved in negotiating contracts on behalf of their clients.
Plezion Corp. serves as an agent when they connect furniture sellers to buyers, and distribute furniture made of plastic, wood, and carbon fiber on a large scale.
The company does not take legal ownership of the goods it distributes.
Answer:
agent
Explanation:
An agent is an independent sales representive that can work for different businesses and negotiates with other parties to sell their products in exchange for a comission and the businesses it represents maintain the ownership of the products. According to this, the answer is that in this scenario, it can be said that Plezion Corp. is an agent because it sells products manufactured by other companies and it doesn't take legal ownership of them.
At December 31, Tremble Music had account balances in Accounts Receivable of $300,000 and in Allowance for Uncollectible Accounts of $1,000 (credit) before any adjustments. An analysis of Tremble's December 31 accounts receivable suggests that 5% of the account balances are not expected to be collected. The balance of Allowance for Uncollectible Accounts after adjustment will be:
Answer:
$15,000.
Explanation:
So, in this particular question we are given the following parameters or data or information which is going aid us in solving the problem;
=> "At December 31, Tremble Music had account balances in Accounts Receivable of $300,000 "
=>" At December 31, Tremble Music had account balances in Allowance for Uncollectible Accounts of $1,000 (credit) before any adjustments"
=> "An analysis of Tremble's December 31 accounts receivable suggests that 5% of the account balances are not expected to be collected"
So, looking at the third point from the question above, we see that "accounts receivable suggests that 5% of the account balances", thus, we have that;
$300,000, which is the account receivable multiply by 5%. That is;
$300,000 × 5/100 = $15,000.
Your accountant tells you that if you can continue to earn the current interest rate on your balance of $750 for the next three years, you will have $944.78 in your account. If your accountant is correct, then what is the current interest rate
Answer: 8%
Explanation:
current balance = $750
Period = 3years
Final amount at the end of the third year = $944.78
Rate =?
Using the compound interest formula :
A = P( 1 + r/n)^nt
Where : A= final amount plus interest
P = principal amount
r = interest rate
t = period
n = number of compounding periods per year = 1
A = P( 1 + r)^t
944.78 = 750(1 + r)^3
Divide both side by 750
944.78/750 = (1+r)^3
1.2597 = (1+r)^3
Take the cube root of both sides
1.07999 = 1+r
r = 1.07999 - 1
r = 0.07999
r = (0.07999) * 100%
r = 7.999% = 8%
Wilson Corp. purchased its own par value stock on January 1, 2015 for $20,000 and debited the treasury stock account for the purchase price. The stock was subsequently sold for $12,000. The $8,000 difference between the cost and sales price should be recorded as a deduction from
Answer: additional paid-in capital to the extent that previous net "gains" from sales of the same class of stock are included therein; otherwise, from retained earnings.
Explanation:
The options are:
additional paid-in capital to the extent that previous net "gains" from sales of the same class of stock are included therein; otherwise, from retained earnings.
b. additional paid-in capital without regard as to whether or not there have been previous net "gains" from sales of the same class of stock included therein.
c. retained earnings.
d. net income.
From the question, we are informed that Wilson Corp. purchased its own par value stock on January 1, 2015 for $20,000 and debited the treasury stock account for the purchase price. The stock was subsequently sold for $12,000.
Therefore, the $8,000 difference between the cost and sales price should be recorded as a deduction from the additional from the paid-in capital to the extent that previous net "gains" from sales of the same class of stock are included therein otherwise, from the retained earnings.
Q 8.17: The financial statements of the Larson Company report net sales of $1,000,000 and accounts receivable of $80,000 and $60,000 at the beginning of the year and end of year, respectively. What is the average collection period for accounts receivable in days
Answer:
25.55 days
Explanation:
first we must calculate the accounts receivable turnover ratio = net sales / average accounts receivable
net sales = $1,000,000
average accounts receivable ($80,000 + $60,000) / 2 = $70,000
accounts receivable turnover ratio = $1,000,000 / $70,000 = 14.286
average collection period = 365 days / accounts receivable turnover ratio = 365 / 14.286 = 25.55 days
In the Shaping Department of Sheridan Company the unit materials cost is $2.00 and the unit conversion cost is $1.60. The department transferred out 8900 units and had 2000 units in ending work in process 20% complete. If all materials are added at the beginning of the process, the total cost to be assigned to the ending work in process is
Answer:
Ending Work in Process $ 4640
Explanation:
Sheridan Company
Shaping Department
Ending Work in Process $ 4640
Materials = 2000 units*$2= $ 4000
Conversion= 2000 units *20%* $1.6= 400*$ 1.6=$ 640
We find the cost of ending inventory by multiplying the materials unit cost with the materials units and the unit conversion costs with the equivalent conversion units.All materials are included because the materials are added at the beginning of the process.
You would like to implement an interval DRO procedure with one of your students with autism to decrease hand flapping (so that you can get the student to attend to her work eventually). You conduct some baseline observations and find that the student stops flapping her hands for about 2 minutes on average. What would an appropriate initial DRO interval be?
A) 2 seconds
B) 2 minutes, 30 seconds
C) 1 minute, 45 seconds
D) 4 minutes
Answer:
C
Explanation:
What is the single most important factor in determining the success or failure
of a project?
O A. Communication
B. Schedule
C. Budget
D. Risk
SUBMT
Answer:
Answer Choice: A. Communication
Explanation:
Communication is the single most important factor in determining the success or failure of a project because the better you explain the project the higher your grade will be so, that will result in your grade being a A or a B so, that will cause you to pass, and the worst you explain the project the lower your grade will be so, that will result in your grade being a C or D or F (or an E depending on how your school grades) so, that will cause you to fail.
Answer:
here
Explanation:
Unplug Wireless is a cellular service provider that charges its customers $1 for three hours of talk time. So, if a customer's talk time for a month is 60 hours, the company charges him or her $20 at the end of the month. Which of the following business models does this best illustrate?
a. freemium
b. subscription-based
c. pay-as-you-go
d. razor-razor-blade
Answer:
c. pay-as-you-go
Explanation:
-Freemium means that a service is free but if the customers want additional features they have to pay for them.
-Subscription-based is when a customer takes a service for an established price during a specific period of time.
-Pay-as-you-go is when you pay only for the services you use.
-Razor-razor-blade is when a business sells a product at a low price to be able to sell a complementary good.
According to this, the answer is that the business model that is best illustrated is pay-as-you-go because the customer pays for the talk time he/she consumes each month.
Jenkins Inc., prepared its financial statement for 2008 based on the information given here. The company had cash worth $1,234, inventory worth $13,480, and accounts receivables of $7,789. The company's net fixed assets are $42,331, and other assets are $1,822. It had accounts payables of $9,558, notes payables of $2,756, common stock of $22,000, and retained earnings of $14,008. How much long-term debt does the firm have?
Answer:
$18,334
Explanation:
Given the following :
Cash worth = $1,234
Inventory worth = $13,480
Accounts receivable worth = $7,789
Net fixed asset = $42,331
Other assets = $1,822
Accounts payables = $9,558
Notes payables = $2,756
common stock = $22,000
Retained earnings = $14,008
Long term debt :
Total asset - current liability - stockholders equity
Total asset =current asset + net fixed asset + other asset
Current asset = cash worth + inventory worth + accounts receivables
Current asset = $(1234 + 13480 + 7789) = $22503
Total asset = $(22503 + 42331 + 1822) = $66656
Current liabilities = Accounts payables + notes payables
Current liabilities = $(9558 + 2756) = $12314
Stockholders equity = $(22,000 + 14,008) = $36,008
Long term debt :
Total asset - current liability - stockholders equity
$(66656 - 12314 - 36008) = $18,334
Jamie and Peter Dawson own 220 shares of Duke Energy common stock. Duke Energy’s quarterly dividend is $0.86 per share. What is the amount of the dividend check the Dawson couple will receive for this quarter? (Round your answer to 2 decimal places.)
Answer:
$189.20
Explanation:
Quarterly amount of dividend check = quarterly dividend per share x number of shares.
Quarterly dividend = $0.86
number of shares = 220
Check amount = 220 x $0.86
= $189.20.
Cheers.
The method of developing budget estimates that requires managers to estimate sales, production, and other operating data as though operations are being started for the first time is __________ budgeting. a.flexible b.continuous c.zero-based d.master
Answer:
c
Explanation:
Zero-based budgeting is a method of budgeting in where expenses must be justified for each new period. It requires managers to estimate sales, production, and other operating data as though operations are being started for the first time
The master budget is the sum of all budget made by lower levels in the organisation.
Continuous budgeting is the process of expanding the budget by adding one more month as each month goes by.
A flexible budget is a budget that changes to the activity levels of a the organisation
At December 31 of a recent year, the following information (in thousands) was available for sunglasses manufacturer Oakley, Inc.: ending inventory $155,377; beginning inventory $119,035; cost of goods sold $349,114; and sales revenue $761,865
Calculate the inventory turnover ratio for Oakley, Inc. (Round answers to 2 decimal places, e.g. 5.12.)
Inventory turnover ratio times
Answer:
143.444 days
Explanation:
For the computation of inventory turnover ratio first we need to find out the average inventory and inventory turnover which is shown below:-
Average inventory
= (Ending inventory + Beginning inventory) ÷ 2
= ($155,377 + $119,035) ÷ 2
= $137,206
Inventory Turnover = Cost of Goods Sold ÷ Average Inventory
= $349,114 ÷ $137,206
= 2.5444 times
Days in Inventory = 365 ÷ Inventory Turnover
= 365 ÷ 2.5444
= 143.444 days
At the intersection of the short-run aggregate supply curve, the aggregate demand curve, and the long-run aggregate supply curve, the economy is in: Multiple Choice a long-run equilibrium but not a short-run equilibrium. both a short-run and long-run equilibrium. a short-run equilibrium but not a long-run equilibrium. neither a short-run nor long-run equilibrium.
Answer:
a short-run equilibrium but not a long-run equilibrium.
Explanation:
The long run aggregate supply and aggregate demand when intersect they determine the economy level of equilibrium. This will determine real level of GDP and prices in the long run. The short run supply curve is upward sloping. It determines the quantity of the output that will be produced at each level of price in the short run.
Rapid-Built Homes specializes in low-cost prefabricated, modular homes that can be erected in a mat-ter of days anywhere in the country. Rapid-Built focuses on entire subdivisions of homes developed by real estate speculators. ModernModular Homes (ModMod) specializes in modular homes designed by architects which can be built anywhere in the country. The buyers usually build the home themselves from kits on their own lots. ModMod sells fewer than 100 house kits per year. ModMod is run by two professors of architecture as a sideline business. According to the "Framework of Competitive Analys-is," we can say that Rapid-Built and ModMod:________.
a. are direct mutually-acknowledged competitors.
b. have high resource similarity.
c. have high market commonality.
d. are probably not engaged in intense competitive rivalry.
Answer:
D, are probably not engaged in intense competitive rivalry
Explanation:
A competitive analysis framework or framework of competitive analysis can be said to be an analysis model that is used to examine a competitor market structure. This in turn helps you to properly prepare or structure your market analysis.
There are about 5 competitive analysis frameworks. They include SWOT(strength Weakness Opportunity Threats), Porter's five forces, Strategic group analysis, growth share matrix, perceptual mapping.
In the case of Rapid-Built Homes and ModMod, they are not exactly involved in intense competitive rivalry because while Rapid-Built homes is a developed by real estate speculators, ModMod is a side business for two architecture professors. This means that selling of housing units by Rapid-Builts is the source of main income for the company while for ModMod, is it not the main source of income for the professors.
Cheers
Household production consists of Group of answer choices any commodities which are produced at home and then sold. any commodities which are produced at home and yield utility to the family. any time spent at home by any family member. any commodities purchased for use in the home.
Answer:
Any commodities which are produced at home and yield utility to the family
Explanation:
Household production occur when member of a household produce goods and service for their own personal consumption or for their own personal use, using their own capital as well as their own unpaid labor .
In another word in HOUSEHOLD PRODUCTION the member of the household are both the producers as well as the consumers of the goods produce by them.
Example of these household consumption are: Foods, Clothes Acommodation among others. Therefore we can vividly say that HOUSEHOLD PRODUCTION consists of Any commodities which are produced at home and yield utility to the family.
Mr. Torres has a small savings account. He would like to pay for his monthly Part D premiums with an automatic monthly withdrawal from his savings account until it is exhausted, and then have his premiums withheld from his Social Security check. What should you tell him?
Answer:
In general, Mr Torres must select a single Part D premium payment mechanism that will be used throughout the year.
Explanation:
Given the situation above, the best advice to give Mr. Torres, is that, all things being equal, it is imperative generally, that he must select a single Part D premium payment mechanism that will be used throughout the year.
This is because, it will be a lot easier, with less stress of constant monitoring his savings account and often time, it is more beneficial to use.
The revenue recognition principle says divide time into equal periods to measure net income or net loss properly. B. match revenues and expenses in order to compute net income. C. record revenue only after you have earned it. D. record revenue only when you receive cash.
Answer:
C. Record revenue only after you have earned it
Explanation:
The revenue recognition principle says record revenue only after you have earned it.
Revenue recognition principle is an accounting principle that helps to determine how and when revenue is to be recognized.
Revenue recognition principle requires that revenues can only be recognized when they are realized and earned, not when cash is received.
Revenue can be calculated by multiplying price by units of quantity demanded.
That is,
Revenue= Price × Quantity demanded
In the year 2000, the economy produces 50 loaves of bread that sell for $1 each. In the year 2001, the economy produces 100 loaves of bread that sell for $2 each. In the year 2002, the economy produces 200 loaves of bread that sell for $3 each. Calculate nominal GDP for each year.
Answer:
2000 - $502001 - $2002002 - $600Explanation:
Nominal GDP is the market value of final goods and services in an Economy in a period, typically a year. The final goods in this scenario are the loaves of bread.
2000 Economy
= 50 loaves * 1
= $50
2001 Economy
= 100 * 2
= $200
2002 Economy
= 200 * 3
= $600