Hello. I’d like to have a little celebration for Chris’s successful Appraisal license tomorrow afternoon at 4:30! We shall toast him, and test him on his valuation methods!
Market: Compare the actual sale prices of several bottles of Wild Turkey to determine the price per fluid ounce in a particular economic area. When someone complains about the tax on their bottle of Wild Turkey, show them three other bottles of Wild Turkey of slightly different age and size. Point out that their friend's bottle of Wild Turkey purchased in Olathe is not comparable.
Cost: Look up the distillery date of a bottle of Wild Turkey on a factor table. Calculate the instantaneous RCNLD as the bottle is consumed.
Income: Determine the price of one shot of Wild Turkey, then calculate the potential income from selling the whole bottle a shot at a time, subtracting the value of the bottle itself (five cents in many states, ten cents in Michigan).