
#19
Oct1607, 08:54 PM

P: 411

the wording of the question implies gross loss. evo is also right, unless he's a terrible businessman, he would not have payed $70 for something he'll be selling at $70... and what about taxes? percentage of his earnings going towards employees, insurance? ... I dunno, this question is hard to answer without being given all the necessary info. I demand tax return printouts and receipts! 



#20
Oct1707, 02:12 AM

P: 1,157

When I get into work I'm gonna get some friends together and act this out  just to settle it once and for all...




#21
Oct1707, 03:07 PM

P: 3

I agree with belliot
if he didn't have $30 to make change for the 100, then he couldn't pay back the baker. He only has $70 cash. But assuming he borrowed another $30 or wrote a check, then his loss is certainly $100 and kittle knight has the simplest explanation. 



#22
Oct1707, 07:05 PM

P: 179

loss= $70 ring + $100 paid to his neighbor
gain= $70 in change from his neighbor net= $100 



#23
Oct2307, 09:29 AM

P: 57

So the jeweler lost the ring + $30. 



#24
Oct2407, 11:57 PM

P: 1

$100
Jeweler makes no money from the sale of these types of rings (I guess its a hobby for him or something). Given the fact that he only breaks even on sales of this particular ring, he had to shell out $100 to the baker. Basically the customer made $100 (ring plus $30 change) and the baker got back his loss of $100 which caused him to break even. So where did the $100 come from? The poor jeweler. Hope that makes sense. 



#25
Oct2507, 08:45 AM

P: 411





#26
Oct2707, 09:14 AM

P: 1,520

The question cannot be answered because we are not given how much of a profit does the jeweler make in selling the $70 ring properly. Losing the ring does not amount to losing 70$, it indeed amounts to losing less than that. And selling the ring doesn't amount to gaining $70, it amounts to gaining lesser as well. The jeweler lost (value of the ring) + $30.
Edit: I see Couperin got it right. 



#27
Jan1508, 11:56 AM

P: 24

$200




#28
Jan2208, 01:38 PM

P: 101

There is some confusion displayed here with the concept of the "sunk cost"
The two transactions with the pastry shop owner net out. The jeweler gave $30 and a ring he could have sold for $70 to the man in exchange for nothing. It doesn't matter what the jeweler paid for the ring,or any concomitant profit, because what he paid doesn't change whether he sells the ring or gives it away. The marginal transaction is the forgone $70. Therefore, he has foregone $100 



#29
Jan2208, 05:36 PM

P: 1,520





#30
Jan2208, 06:28 PM

P: 101





#31
Jan2208, 08:07 PM

P: 1,520

You don't get it. The loss, at least the loss the question is asking for, is $30 + value of the ring. The loss you are talking about is the potential loss.




#32
Jan2308, 03:14 AM

P: 2,163

Once the government finds out about this, they are going to make up the jewelers loss out of my pocket. They will increase my taxes by $150, take $50 for administrative costs, give $50 to some rich guy who has nothing to do with this problem (unless they happen to be the ring thief) and the other $50 to the jeweler. See if this isn't how they solve the subprime crisis.




#33
Jan2308, 05:43 PM

P: 2,057





#34
Jan2608, 10:32 PM

P: 49

Started with 0. Got 70 bucks. Lost 100. Ended up with 30 bucks lost. (and I would consider the ring lost as well as he gained pretty much nothing from it)
In my opinion the 100 dollars fooled with everyone. That was never the jewelers money, thus he never had it until he sold the ring for 70 dollars. I am probably wrong, but this is how I see it. x = 0+70100. x = $30 



#35
Jan2908, 12:36 PM

P: 128

130 imo
the customer walks in you give him the ring, you lose $70 you go to the baker, get $100 give the customer $30, you lose $100 total you have $70 cash left from the $100 the baker gave you you give the $70 + an extra $30 back to the baker you lose $130 



#36
Jan2908, 12:38 PM

P: 1,520

There are no opinions involved when it comes to logic.



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