On February 1, 2010, Reardon Corporation purchased a parcel of land as a factory site for $320,000. An old building on the property was demolished and construction begun on a new warehouse that was completed April 15, 2011. Costs incurred on the construction project are listed below.
Determine the cost of the land and new building.
Definitions:
Perfectly Elastic
A situation where the demand or supply for a good is extremely sensitive to changes in price, depicted as a horizontal line on a graph.
Relatively Elastic
Describes a situation where a small change in price leads to a relatively larger change in the quantity demanded or supplied of a good or service.
Demand for Gasoline
Describes how much gasoline consumers want to buy at various prices, often influenced by factors like income and price of substitutes.
Price Inelastic
Describes a situation where the quantity demanded or supplied of a good or service changes little when its price changes.
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