McDermott Company has developed a new industrial component called IC-75. The company is excited about IC-75 becouse it offers superior performance relative to the comparable component sold by McDermott's primary compeutor. The competing part sells for $1540 and needs to be replaced after 2,340 houts of use. It also requires $370 of preventive maintenance during its usieful hife The IC.75- performance capabilities are similar to its competing product with two important exceptions-it neteds to be replaced after 4.680 hours of use and it requires $470 of preventive maintenance during its useful life Required: Froin a value-tesed pricing standpoint 1. What is the reference value that McDermott should consider when pricing IC-75? 2. What is the differentiation value offered by C75 relative the competitor's offering for each 4,680 hours of usage? What is ic 75 's economic value to the customer over its 4.680 hour life? A What ronge of possible prices should McDermott consider when setting a pnce foc IC-75