November 3rd, 2007
CORRECTIONS to the KVC Workbook (Version 3.1)
Sharp readers of the KVC Workbook (Version 3.1) have spotted several typos:
- Page 3, right column, 1st paragraph - change “necessary” to “necessarily”
- Page 5, 1st line - change “rather” to “father”
- Page 5, right column, 2nd paragraph - after “more”, insert “than”
- Page 6, right column, 3rd paragraph, 6th line - change “the” to “to”
- Page 7, 1st paragraph - change first “who” to “which”, and “their” to “its”
- Page 10, 4th paragraph - after “of” insert “us”
- Page 12, 2nd paragraph - change the second “do” to “conduct”
- Page 23, 2nd paragraph - after “routinely” drop “and”
- Page 28, 2nd paragraph, 2nd line - drop “we”
- Page 30, 2nd line - change “know” to “known”
- Page 32, 2nd paragraph, last line - after “$50,000″ insert “car”
- Page 40, 4th paragraph - after “company” insert “has taken”
- Page 42, last paragraph - change “some” to “an”
- Page 44, 3rd paragraph - drop the second “that”
- Page 46, 1st paragraph - change “diagnosis” to “diagnose”
- Page 62, 3rd paragraph - change “an” to “and”
- Page 66, 2nd paragraph - drop second “you”
- Page 74, 1st paragraph - after “way” insert “as”
- Page 74, 3rd paragraph - change the second “your” to “you”
- Page 79, slide fourth bullet - after “possible” insert “to”
Thanks, you know who you are!
All of these (and more) changes are made in the new Version 3.2.





Alan S. Michaels writes:
For explaining “marginal utility” the concept of value usually refers to purchasing the same product - and how the price will eventually go down. [Using a c ar example] for a family of five, the value of their first car may be $50,000 (even if they only pay $25,000 for it) and the value of a second car may be $30,000, and the value of the third car may be only $25,000, and it’s now worth purchaing any more cars.
Example 2: the value of a bottle of coke to a person stranded in the desert might be $1,000. That same person might only pay $300 for the next bottle of coke. And only $10 for the third bottle. After ten Cokes, the value of next Coke may be near zero.
Alan S. Michaels writes:
On page 34, you may want to rethink slide diagram and/or slide title.
See “Competitive Advantage” pages 36 (including footnote) & 37.