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The goal is to replicate a real life product development and familiarize students with the invent process of a system, component, or process to meet desired wants within realistic constraints such as economic, environmental, social, political, ethical, health and safety, manufacturability, and sustainability.
Requirements
a. Make a problem statement.
- Recognize the need and criteria for acceptability
A firm is currently operating where the MC of the last unit produced = $84, and the MR of this unit = $70. What would you advise this firm to do?
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