During the mid to late 1990s, all states filed civil law suits against tobacco manufacturers seeking to recover the increased costs of operating Medicaid programs that can be attributed to smoking. In December of 1998, cigarette manufacturers and the states agreed to an out-of-court settlement that ended these suits. As a result of an agreement, cigarette manufacturers increased cigarette prices by $0.55 per pack. Before the agreement, the average retail price of cigarettes was $1.90 and 21 billion packs of cigarettes were sold per year. If the elasticity of demand for cigarettes is -0.40, how much will smoking fall as a result of the settlement

Expert computers was started in 2018. the company experienced the following accounting events during its first year of operation: started business when it acquired $40,000 cash from the issue of common stock. purchased merchandise with a list price of $32,000 on account, terms 2/10, n/30. paid off one-half of the accounts payable balance within the discount period. sold merchandise on account for $28,000. credit terms were 1/20, n/30. the merchandise had cost expert computers $16,000. collected cash from the account receivable within the discount period. paid $2,100 cash for operating expenses. paid the balance due on accounts payable. the payment was not made within the discount period. required record the events in a horizontal statements model below. in the cash flows column, use the letters oa to designate operating activity, ia for investing activity, fa for financing activity, or nc for net change in cash. if the account is not affected by the event, leave the cell blank. the first event is recorded as an example. what is the amount of gross margin for the period? what is the net income for the period?