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A company has developed the prototype of a mobile phone that it plans to launch in the next few months. The phone comes equipped with the most advanced technological features. As part of its test marketing efforts, the company allows customers to examine and use the prototype and also gathers feedback regarding product features and price. The results of this test marketing effort show that customers are willing to pay at least $500, considering the phone's various features. As such, the company has discovered customers' ________.

Respuesta :

The company has discovered customers' lower bound price.

What is  customers' lower bound price?

  • Prices that, for each WSS/distribution system, recover the prudent and effective expenses of running, maintaining, administering, and renewing each scheme are referred to as "lower bound" prices.
  • These expenses don't include some expenses, like the return on and depreciation of assets made before July 1, 2000.

How do you find lower bound?

To determine a rounded number's upper and lower bounds:

  • Determine the place value of the claimed level of accuracy.
  • By two, multiply this place value.
  • Find the upper bound by adding this amount to the provided value, and the lower bound by deducting this amount from the given value.

What is the difference between upper bound and least upper bound?

  • An upper bound is an element that, although it need not be a part of the set, is at least as large as any element in the set.
  • The smallest of all upper bounds is what is meant by a least upper bound.
  • So, think about the logical numbers that are less than 1. The set has no upper bound.

Learn more about  lower bound price

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