Assume that a company has developed a new industrial component called Part A that offers superior performance relative to its competitors. The competing part sells for $1,670 and needs to be replaced after 1,500 hours of use. It also requires $400 of preventive maintenance during its useful life. Part A is similar to its competing product with two important exceptions-it needs to be replaced after 3,000 hours of use and it requires only $200 of preventive maintenance during its useful life. From a value-based pricing standpoint, what is Part A's economic value to the customer (EVC) over its 3,000-hour life? Multiple Choice $2,270 $3,940 $1,870 $3,540