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Product Innovation Is a Change in the Appearance or the Performance

question 135

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Product innovation is a change in the appearance or the performance of a product or service, or the creation of a new one.


Definitions:

Economic Profit

The profit or loss that a company makes, calculated by subtracting both the explicit and implicit costs from total revenues.

MR Curve

The Marginal Revenue curve represents the change in total revenue that results from selling one additional unit of a good or service.

Opportunity Costs

The value of the best alternative forgone when a decision is made to pursue a certain action.

MR

Marginal Revenue, the increase in revenue that results from selling one additional unit of a product.

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