High School

The Monroe family elects to purchase a property on Elm Street that is virtually identical to the property on Maple Street due to the similar price of the Maple Street property. This is an example of which value principle?

Answer :

The Monroe family is using the principle of cost- benefit analysis when taking to buy the property on Elm Street.

This value principle takes into account both the cost and the benefits of a implicit purchase, and makes an informed decision grounded on that analysis. Cost- benefit analysis is especially useful when considering particulars that have analogous features and/ or prices, as it allows individualities to compare the implicit benefits of each option without being told by the price label. In this case, the Monroe family can weigh the advantages of copping the property on Elm Street against the advantages of copping the property on Maple Street and make the decision that will give them with the stylish overall value.

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