26. (20 Points) The following questions pertain to pricing. Suppose you are an Entrepreneur and you are starting a new business and you will initially have no competition. You are considering different approaches to setting price. What are the advantages and disadvantages of each of the approaches below to pricing your new product? Make sure you describe each approach with a sentence or two. a. (4 Points) Cost Based Pricing - Discuss in three (3) to five (5) sentences. Description (Sentence) Advantage(s) Disadvantage(s) b. (4 Points) Customer Value-Based Pricing - Discuss in three (3) to five (5) sentences. Description (Sentence) Advantage(s) Disadvantage(s) c. (4 Points) Cream-Skimming Pricing - Discuss in three (3) to five (5) sentences. Description (Sentence) Advantage(s) Disadvantage(s) d. (4 Points) Profit-Maximizing Pricing (P*= MC/(1 + Discuss in three (3) to five (5) sentences. Description (Sentence) Advantage(s)| Disadvantage(s) e. (4 Points) Which of the above approaches do you think would be best? Why? Explain/justify in three (3) to five (5) sentences