What Is the Cost of the Land, Based Upon the Following

question 139

Essay

What is the cost of the land, based upon the following data?
$\begin{array}{lr}\text { Land purchase price } & \$ 178,000 \\\text { Broker's commission } & 15,000 \\\text { Payment for the demolition } & \\\text { and removal of existing building } & 5,000\\\text { Cash received from the sale of materials }\\\text { salvaged from the demolished building }&2,000\end{array}$

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Definitions:

Domestic Supply

The total amount of goods and services produced within a country's borders, available for domestic consumption or export.

Demand Schedules

Tabulated data showing the quantity of a good or service that consumers are willing and able to purchase at different price levels over a specified period of time.

World Price

The global market price of a good or service, influenced by worldwide demand and supply.

Free Trade

Free trade is an economic policy that allows goods and services to be bought and sold across international borders with little to no government tariffs, quotas, subsidies, or prohibitions to inhibit their exchange.