Customer Lifetime Value (CLV)is the

question 17

Multiple Choice

Customer lifetime value (CLV) is the

• A)present value of future profits that are projected to be realized from a customer
• B)present value of future revenue that is projected from a customer
• C)number of tickets purchased by a customer
• D)the value of a customer during his/her lifetime in terms of total purchases

Recognize the differences between accounting costs and economic costs.

Identify and calculate average, marginal, average fixed, and average variable costs.

Determine the impact of external factors such as taxes and technology on opportunity costs.

Analyze the role and importance of sunk costs in economic and business decisions.

---

Definitions:

Anthropology

The scientific study of humans, human behavior, and societies in the past and present, including cultural, social, and physical development.

Fundamental Attribution Error

The tendency to attribute others' behaviors to their character or personality, while overlooking situational factors.

Group Pressure

The influence exerted by a group on individual members to conform to the group's norms, attitudes, and behaviors.

Thomas Theorem

The sociological theory that situations perceived as real are real in their consequences, emphasizing the importance of perception in social dynamics.