Discuss the Advantages and Disadvantages of Standardization in Product Design

question 19

Essay

Discuss the advantages and disadvantages of standardization in product design.

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Definitions:

Indifference Schedule

A table or graph that shows a combination of two goods that give a consumer equal satisfaction and utility, illustrating consumer preferences.

Units of X

A term often used in economics to denote a quantity of a particular good or service being considered.

Data

Information, especially facts or numbers, collected to be examined and considered and used to help decision-making.