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The economic principle of substitution says that when there are two houses in the same neighborhood with the same size, appeal, and utility, the lower-priced one will tend to sell first.
<h3>The economic principle of substitution</h3>
- According to the principle of substitution, the cost of purchasing a substitute that is just as desired tends to establish the upper limit of value, assuming no inopportune delays.
- A shrewd investor would not spend more on an asset that generates income than it would cost to construct or buy an asset of a similar nature.
- According to this theory, the cost of acquiring a comparable substitute property with the same use, design, and revenue determine the maximum value of a property in most cases.
- For instance, why would somebody pay $1,000,000 for a home when they could pay $750,000 for a different but as appealing home in the same neighborhood?
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Add the cost of the lot and the cost of the house together to get the total cost ($163,000). Next, subtract the sales price from the total cost to get the amount of loss ($10,000) he took. Finally, divide the total cost by the loss amount ($10,000 ÷ $163,000).
The definition of cost is to be valued at something or to lose. A loaf of bread costing $3 is an example of a cost. Giving up your freedom in order to grant freedom to another person is an illustration of the cost.
A company's cost is the amount of money it had to spend to create its goods or services. It is calculated as the sum that the business spends to create a specific number of a product. Simply put, it is the cash that a business spends on things like labour, services, raw materials, and other costs.
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Answer:
D. 5.00
Explanation:
The calculation of current ratio is given below :-
Current Ratio = Current Assets ÷ Current Liabilities
where,
Current Asset = cash + account receivable + office supply
= $400 + $1000 + $600
= $2,000
and the Current Liabilities is
= Account payable + salary payable
= $300 + $100
= $400
So, the current ratio is
= $2,000 ÷ $400
= 5 times
