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Question 4 Setting the price for any product is a complex process. Firms have to think of many factors before deciding on the final price.

Question 4 Setting the price for any product is a complex process. Firms have to think of many factors before deciding on the final price. There are many pricing strategies a firm can adopt. (a) Explain the difference between cost-based pricing and value-based pricing. (16 marks) (b) Discuss how the economy can affect pricing. (4 marks)

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