Question: fully answer Case Scenario 1 A competitor sells a tractor for $14,000. Your company has been working on a new product to enter the market

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Case Scenario 1 A competitor sells a tractor for $14,000. Your company has been working on a new product to enter the market and your marginal cost is 53500. Your new tractor is superior in some ways and is inferior in other ways. It is slower so its relative value is decreased by $1000 but it requires less maintenance, which is worth $3500 per tractor. Questions: 1} What is the price of the nearest comparable alternative product to your tractor? 2} What is the differential value of your new tractor in comparison to the competitor product? 3} What is the Exchange Value of the new tractor? 4} What range would you suggest the tractor be priced at on introduction

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