I have a question. say for instance jason has spent $400 purchasing & restoring a piece of antique furniture?
that he expects to sell for $800 once the job is complete.after he has spent $400, he discovers that he needs an additional part, which will cost $200, in order to complete the restoration. jason can sell the piece of furniture as it is now for $300. from an economic standpoint, what should he do?
a-he should cut his losses and take the $300
b-it doesnt matter which action jason takes; the outcome is the same either way
c- jason should never sell something for less than it costs
d- jason should complete the restoration and sell the piece of furniture
c-d both are the correct answers. I did this for a living for over 17 years and never once lost money. He may have to wait longer or take less profit but it will sell. Remember tho’ the longer you hold an item your cost actually goes up. If you must sell for exactly what you have in total expences. That way you at least get your money back.
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