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During the year, Loon Corporation has the following transaction: $400,000 operating income, $355,000 operating expenses, $25,000 municipal bond interest, $60,000 long-term capital gain, and $95,000 shot-term capital loss.
a. Compute Loon's taxable income for the year.
b. Assume the same facts except that loon's long-term capital gain is $100,000 (instead of $60,000. Compute Loon's taxable income for the year.
The quantity demanded falls to 300 units per week. Use the formula for arc elasticity to compute elasticity along this portion of the curve.
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