Given the Following Information, What Adjustment Would Need to Be

question 24

Multiple Choice

Given the following information, what adjustment would need to be made to account for the lot size difference between the Subject Property and Comparable Property? $$\begin{array} { | l | c | } \hline & \text { Adjustrnents } \\\hline \text { Market Conditions }& - 0.50 \% ( p e r \text { month } ) \\\hline \text { Lot Size } \ & \$ 25,000 \text { (per acre) } \\\hline\text { EFfective Age (Years) } & \$ 1,000 ( \text { per year) } \\\hline\text { Living Area (Sq. Ft) } & \$ 45.00 ( \text { per sq. ft.) } \\\hline \text { Bath } & \$ 1,250 ( \text { per bath) } \\\hline\text { Bedroorrs }&\$3,000(per bedroom) \\\hline\end{array}$$
$$\begin{array} { | l | c | c | } \hline & \text { Subject Property } & \text { Comparable Property } \\\hline \text { Time Sold } & \text { Today } & 4 \text { Morths Apo } \\\hline \text { Lot Size (Acres) } & 0.83 & 0.80 \\\hline \text { Effective Ape (Years) } & 8 & 7 \\\hline \text { Living Area (Sq. Ft) } & 2,197 & 2,383 \\\hline \text { Bath } & 3.5 & 3.5 \\\hline \text { Bedroorns } & 4 & 4 \\\hline \text { Sale Price } & - & \$ 287,000 \\\hline\end{array}$$

• A) The price of the subject property must be adjusted upward by $750.
• B) The price of the subject property must be adjusted downward by $750
• C) The price of the comparable property must be adjusted upward by $750.
• D) The price of the comparable property must be adjusted downward by $750.

Recognize the effects of wage changes on labor supply and demand, including the substitution and income effects.

Examine the role of goods and services markets in contrast to labor markets.

Analyze factors influencing individual labor supply curves and the impact of changes in wages.

Understand the factor distribution of income and how it reflects on labor and capital.

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