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| Teaching Since: | May 2017 |
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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Thomas Cleverly purchased a vacant lot outside of London for £17,200, because he heard that a shop- ping mall was going to be built on the other side of the road. He figured that he could make a bundle by putting in a fast-food outlet on the site. As it turned out, the rumor was false. A sanitary landfill was located on the other side of the road, and the land was worthless. (£ denotes the British monetary unit, pounds sterling. Although the Euro generally is used in European markets, day-to-day business in the United Kingdom is still conducted in pounds sterling.)
Required:     What type of cost is the £17,200 that Thomas paid for the vacant lot?
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