The question is from Busi 100 Micro Foundations of Real Estate Economics

1. Mark buys an old airplane with the intention of repairing, restoring, and selling it. He anticipates that it will cost him $295,000 to purchase, repair, and restore the plane, and that he can sell the nished plane for $350,000. When he has spent a total of $295,000 on the project, he discovers that he needs to replace the engine. It will cost Mark $100,000 to replace the engine. He can sell the plane without the new engine for $220,000. What should he do? Explain. How much money does Mark make] lose overall on the project? In your answer, refer to the marginal benets and marginal costs of each option. (4 marks) 2. Chapter 1 of the course textbook lists the ten principles of economics. Find an online news article that relates to one of the principles. Briefly explain how the principle relates to the news article you have chosen. Provide a link to the article, the title of the article, and the news source from which you retrieved the article. {5 marks)