Comments on: CORRECTIONS to the KVC Workbook (Version 3.1) http://www.knowledgevaluechain.com/2007/11/03/kvc-workbook-corrections/ Observations by Tim Powell Fri, 16 Apr 2010 23:37:48 -0500 http://wordpress.org/?v=abc hourly 1 By: Alan S. Michaels http://www.knowledgevaluechain.com/2007/11/03/kvc-workbook-corrections/comment-page-1/#comment-49 Alan S. Michaels Fri, 28 Mar 2008 16:46:10 +0000 http://www.knowledgevaluechain.com/2007/11/03/kvc-workbook-corrections/#comment-49 <p>On page 34, you may want to rethink slide diagram and/or slide title.</p> <p>See "Competitive Advantage" pages 36 (including footnote) & 37.</p> On page 34, you may want to rethink slide diagram and/or slide title.

See “Competitive Advantage” pages 36 (including footnote) & 37.

]]> By: Alan S. Michaels http://www.knowledgevaluechain.com/2007/11/03/kvc-workbook-corrections/comment-page-1/#comment-47 Alan S. Michaels Fri, 28 Mar 2008 16:32:21 +0000 http://www.knowledgevaluechain.com/2007/11/03/kvc-workbook-corrections/#comment-47 <p>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.</p> <p>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.</p> 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.

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