(1) Give the meaning of price and value.
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1. Price is what you pay for goods or services you acquire; Cost is the amount of inputs incurred in producing a product and Value is what goods or services pay you i.e. worth. ... Price and costs are the same for all the customers. Value varies from customer to customer.
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Price is what you pay for goods or services you acquire; Cost is the amount of inputs incurred in producing a product and Value is what goods or services pay you i.e. worth. ... Price refers to the money given to the seller for the product while cost involves the seller's money to produce values.
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