You have a broken electric iron. A scrap dealer offers to buy it from you for ₹70. The iron can be repaired for ₹300. A new electric iron costs ₹1,000. Would you prefer to get your iron repaired or sell it to the scrap dealer? Give reasons for your answer.
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I will definitely sell it to the scrap dealer.
Explanation:
On selling the electric iron there is a profit of 70 rupees.But on repairing it there would be a loss of 300 rupees. On buying a new one I will be spending 1000 rupees. So it is better to sell it to get a profit of 70 rupees.
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