James, age 35, did not have minimum essential coverage for any part of 2018. If James is single and has 2018 adjusted gross income of $41,000, what is his individual shared responsibility payment? The 2018 MEC flat annual dollar amount is $695 per adult and $347.50 per child limited to $2,085 per household. The standard deduction for filing single is $12,000.

$725

Explanation:

Obamacare (or Affordable Care Act) stated that starting in 2014, everyone must have either minimum essential coverage, a coverage exemption or they have to pay a shared responsibility payment.

The shared responsibility payment for 2018 was $695 for each adult and $347.50 for each child, with a family maximum of $2,085, or 2.5% of taxable income, whichever is higher.

(gross income - standard deduction ) x 2.5% = ($41,000 - $12,000) x 2.5% = $725

consumer credit. an advantage is that it allows consumers to afford expensive goods and services now, increasing their standard of living. however, a disadvantage is that it creates a trap for debt, if people do not have self control, they may see themselves filing personal bankruptcy.

answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.