Given the Following Information, Determine the Value of Having an Additional

question 6

Multiple Choice

Given the following information, determine the value of having an additional 500 square feet of living space. Assume that the comparable properties are similar in all other attributes besides those listed in the table below. $$\begin{array} { | l | c | c | c | c | } \hline & \text { Comparable 1 } & \text { Comparable } 2 & \text { Comparable 3 } & \text { Comparable 4 } \\\hline \text { Time Sold } & \text { Today } & \text { Today } & 1 \text { Year Apo } & \text { Today } \\\hline \text { Bathrooms } & 1 & 1 & \mathbf { 2 } & \mathbf { 2 } \\\hline \text { Size } & 3500 \mathrm { sq } . \mathrm { ft } & \mathbf { 3 0 0 0 ~ s q . ~ f t . } & 3500 \mathrm { sq } . \mathrm { ft } & \mathbf { 3 0 0 0 } \mathrm { sq } . \mathrm { ft } \\\hline \text { Sale Price } & \$ 150,000 & 140,000 & \$ 160,000 & \$ 156,000 \\\hline\end{array}$$

• A) $4,000
• B) $6,000
• C) $10,000
• D) $16,000

---

Definitions:

Collective Efficacy

Collective efficacy refers to the shared belief in a group's abilities to organize and execute the courses of action required to achieve given objectives.

False Consensus

A cognitive bias where people overestimate how much others agree with their own beliefs, behaviors, and attitudes.

Brainstorming

A group creativity technique designed to generate a large number of ideas for the solution to a problem in an uninhibited, non-judgmental environment.

Idea Generation

The process of creating, developing, and communicating new concepts or solutions.