02-01-2008, 06:59 PM | #23 | |
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Another way of looking at it is, gain must equal loss. In a normal exchange, buyer loses $3, and gains $3 widget, seller gains $3 and loses a Widget worth $3. In the fraud case the buyer lost nothing and gained $10 ($3 widget + $7 change), therefore the sellers loss must have been $10. In reality the seller lost $10 - (his profit on the widget). |
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02-01-2008, 07:26 PM | #24 |
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$7 (cash) + cost of widget
p.s. the neighbor is used to distract people from realizing the actual solution.
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02-01-2008, 09:14 PM | #25 | |
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He didn't lose $10 because you do not know what the cost of the widget is. You just know his retail price is $3. If the cost of the widget was $3 then you are correct, it's $10 but nowhere in the statement does it say the cost is $3. I think your $10 includes opportunity cost. You're saying he lost out on $3 he could've made but I think the question is how much did he lose out of pocket?
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02-02-2008, 12:41 AM | #26 | |
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someone get me a calculator.
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02-03-2008, 08:17 PM | #27 |
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He's out $10-profit on the widget.
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