McDermott Compony developed o new industrial component colled iC-75 that offers superior performonce relotive to the comparable component sold by McDermott's primory competitor. The competing port sells for $1,520 ond needs to be reploced ofter 2,320 hours of use. it also requires $360 of preventive maintenance during its usefull life. The KC-75's performance copobilities ore similor to its competing procuct with two important exceptions-it needs to be replaced ofter 4.640 hours of use and it requires $460 of preventive maintenonce during its useful life. Requitred: From o volue-bosed pricing standpoint: 1. What is the reference volue McDermott should consider when pricing IC-75? 2. Whot is the differentiosion volue offered by IC-75 relotive the competitor's offering for eoch 4,640 hours of usage? 3. What is 1C75 's economic value to the customer over is 4.040 . hour life? 4. What ronge of possible prices should McDermott consider when seting o price for IC-75