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Yvonne was trying to determine the True Economic Value (TEV) price for a new product that her firm is bringing to market. She knows that the best alternative to her new product has a $100 price. Her research also shows that the average customer uses her competitor's product 1,000 hours per year at a total cost of $2,000 per year. She estimates that the efficiency of her product will allow these customers to reduce use to 950 hours per year with a pro rata reduction in overall cost. In this scenario, what is the TEV of her new product?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
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