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Quality, Price, and Value

Quality and price equals value. When purchasing a car, does a BMW 500 series that costs $42,000 have more value than a Ford Taurus that cost $25,000? Or, in the mind of the consumer, could they have equal value?

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In the mind of the consumer, both vehicles could definitely have the same value, or the Ford could have greater value to the owner than the BMW ...

Solution Summary

This solution discusses the concept that quality and price equal value. We discuss if a BMW and a Ford have equal value to their respective owners.