Added Value

Question 1

Formula

Answer 1

difference between the cost of purchasing raw materials and the price for which the finished good is sold for.

Question 2

There are a variety of ways in which businesses can increase the value added, both to goods and services.

Answer 2

Purchasing cheaper raw materials
Improving the efficiency of the production process
Raising the price of the product
Offering additional services
Achieving brand status
Improving customer access or convenience