[Solved] Stan Moneymaker presently owns a 10-year-old automobilewith lowmileage (78,000miles). TheNADA “blue book” value of the car is \$2,500. Unfortunately, the car’s transmission just failed, and Stan decided to spend \$1,500

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Stan Moneymaker presently owns a 10-year-old automobilewith lowmileage (78,000miles). TheNADA “blue book” value of the car is \$2,500. Unfortunately, the car’s transmission just failed, and Stan decided to spend \$1,500 to have it repaired. Now, six months later, Stan has decided to sell the car, and he reasons that his asking price should be \$2,500 + \$1,500 = \$4,000. Comment on the wisdom of Stan’s logic. If he receives an offer for \$3,000, should he accept it Explain your reasoning.

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