〜の(もの)
JLPT N5 Modifiersone, mine (の replacing a noun)
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No can stand in for a noun already known from context: yasui no means a cheap one. After a person it means that person's one, as in watashi no (mine). This avoids repeating the noun.
Examples
のはますか。 Motto yasui no wa arimasu ka.
Do you have a cheaper one?
はのです。 Kono kaban wa watashi no desu.
This bag is mine.