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.
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.
On page 34, you may want to rethink slide diagram and/or slide title.
See “Competitive Advantage” pages 36 (including footnote) & 37.