Question 5 (1 point) Listen Josh wants to sell his autographed Jose Bautista baseball jersey....
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Question 5 (1 point) Listen Josh wants to sell his autographed Jose Bautista baseball jersey. He offers it to Kevin for $500. After Kevin gives the matter a bit of thought, he says "I love it, but $500 is a bit steep. I will give you $400 for it". Russell, overhearing this conversation, jumps in and says "I will give you $525 for it". Kevin, realizing he may be losing out, quickly says, "I changed my mind, I will give you the $500." What should Josh do? Kevin rejected Josh's offer, so Josh does not have to sell it to Kevin. The rejection of the offer ended the offer. However, Josh has not made an offer to Russell, so Josh should decide if he wants to make a new offer and to whom. Kevin can't make another offer before he hears from Josh about the offer of $400. Josh has to decide whether he will accept the offer of $400 before he responds to either Russell or the $500 offer from Kevin. Josh has an agreement with Kevin. Josh offered Kevin the jersey for $500 and Kevin accepted. Josh did not make the offer to Russell. Kevin's rejection of the $500 offer ended that offer. Now Josh has two competing offers in front of him, one from Russell for $525 and one from Kevin for $500. He can choose which offer to accept
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