People are coming up with new ideas for products or new processes every day. But not all ideas are going to be profitable ideas. Chapter 6 discusses the importance of being aware of consumer satisfaction, usefulness, and the impacts of substitution and income effects. Chapter 7 discusses how we have to factor in not only the explicit costs but also the implicit costs as well as looking at production costs. Go on the internet and find an example of an invention that the poster does not consider worth it. (If you Google it, a lot of websites will pop up.) Tell us what the invention is (name and brief description), what problem it is supposed to solve, and how much you would be willing to pay for this product. Then discuss why it is not considered worth it from the perspective of Chapter 6, Chapter 7, or both. When you post your initial post in the DB, put the name of the product in the subject heading. Each person needs to pick something unique so having the product in the subject heading will allow you to quickly see what has been taken already. Be sure that you are writing it in your words. Copying from the website is plagiarism and will result in a 0. You must also cite the author, the name of the article, the publication, the website (link us please), and the date of the article.
