OLD COLLECTABLESOld but Good

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

d- Jason should complete the restoration and sell the piece of furniture

Current result:
Cost=$400
Revenue=$300
Loss=$300 – $400 = $-100

After extra part purchased result:
Cost= $400+ $200 = $600
Revenue=$800
Profit= $800 – $600 = $+ 200

But of course it also matters how much his work is worth.

Antiques & Furniture Restoration, Inc.

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