This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Kevin is re-finishing an antique grandfather clock that he purchased at a flea market for $300. He ... (Read 107 times)

Jramos095

  • Hero Member
  • *****
  • Posts: 528
on: May 24, 2019
Kevin is re-finishing an antique grandfather clock that he purchased at a flea market for $300. He expects to be able to sell the clock for $450. At the last minute, Kevin discovers that he needs to repair the gears at a cost of $175 to make the clock worth $450 to potential buyers. It turns out that he could also sell the clock now, without completing the additional repairs, for $250. What should Kevin do?
◦ He should sell the clock now for $250.
◦ He should keep the clock but not make the repairs since the original $300 is a sunk cost.
◦ He should complete the additional repairs and sell the clock for $450.
◦ He should keep the clock after making the repairs since it is not rational to spend a total of $475 on an item that can only be sold for $450.
◦ Kevin is indifferent between selling the clock as is or selling it after completing the repairs.
Foundations of Microeconomics ¦ Bade, Parkin ¦ 8th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by Jramos095 on May 24, 2019

jessofishing

  • Sr. Member
  • ****
  • Posts: 329
Reply #1 on: May 24, 2019
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 26% of students answer this correctly


Jramos095

  • Hero Member
  • *****
  • Posts: 528
Reply #2 on: May 24, 2019
TY


jessofishing

  • Sr. Member
  • ****
  • Posts: 329
Reply #3 on: May 24, 2019
You're welcome


« previous next »
 

Did you know?

Drug abusers experience the following scenario: The pleasure given by their drug (or drugs) of choice is so strong that it is difficult to eradicate even after years of staying away from the substances involved. Certain triggers may cause a drug abuser to relapse. Research shows that long-term drug abuse results in significant changes in brain function that persist long after an individual stops using drugs. It is most important to realize that the same is true of not just illegal substances but alcohol and tobacco as well.

Did you know?

More than 34,000 trademarked medication names and more than 10,000 generic medication names are in use in the United States.

Did you know?

For high blood pressure (hypertension), a new class of drug, called a vasopeptidase blocker (inhibitor), has been developed. It decreases blood pressure by simultaneously dilating the peripheral arteries and increasing the body's loss of salt.

Did you know?

Always store hazardous household chemicals in their original containers out of reach of children. These include bleach, paint, strippers and products containing turpentine, garden chemicals, oven cleaners, fondue fuels, nail polish, and nail polish remover.

Did you know?

Allergies play a major part in the health of children. The most prevalent childhood allergies are milk, egg, soy, wheat, peanuts, tree nuts, and seafood.

Many types of edible fungi are grown for the market. Many types of edible fungi are grown for the market.
Finishing techniques to entire leg. Start with basic effleurage from ankle to hip. Redrape the leg. ... Finishing techniques to entire leg. Start with basic effleurage from ankle to hip. Redrape the leg. ...
An antique painting is purchased in 1980 for $995. The value increases by 3.1% e An antique painting is purchased in 1980 for $995. The value increases by 3.1% e
A car wash reduced the price of a basic wash as a promotion and test of the market. With the ... A car wash reduced the price of a basic wash as a promotion and test of the market. With the ...
Markets and Institutions Market Story Problem Markets and Institutions Market Story Problem
A company purchased 26 desks for $240 each and 18 chairs for $59 each. Compute the total ... A company purchased 26 desks for $240 each and 18 chairs for $59 each. Compute the total ...
Video: Renal Failure

For a complete list of videos, visit our video library