Working capital is calculated as: (a) Total assets minus total liabilities (b) Current assets minus current liabilities (c) Fixed assets minus current liabilities (d) Total equity minus long-term debt.

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A: Detailed explanation:Given:Selling price per unit $80Variable costs per unit, 55% of selling price…

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A: Step 1: Information givenActual budget deficit = $80 billionOutput gap = $150 billionMarginal tax…