Mike has spent $600 purchasing and repairing an old fishing boat, which he expects to sell for $800. Mike discovers, that, in addition to the $600 he has already spent, he needs to make an additional repair, which will cost another $300 in order to make the boat worth $800 to potential buyers. He can sell the boat as is now for $300. What should he do

Mike should complete the repairs and sell off the boat for $800

Explanation:

Mike has already spent $600 purchasing and repairing the boat. He still needs to make an additional repair of $300. This means the cost price of the boat will be:

Cost price = $600 + $300 = $900

Selling price = $800

His loss would be:

$900 - $800 = $100

But without making the additional repair, the boat's worth is $300. This means that

Cost price = $600

Selling price = $300

His loss would be:

$600 - $300 = $300

From the above calculations, if the additional repair is done, Mike's loss would be lesser.

Therefore, the best option Mike should take is to complete the repairs and sell off the boat for $800

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.

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