Convenience products are Group of answer choices frequently purchased items that are found in certain retail outlets. items that require some purchase planning and for which the buyer often will not accept substitutes. frequently purchased items for which buyers are willing to exert considerable effort. items that are expensive but are easy to purchase. relatively inexpensive, frequently purchased items for which buyers exert only minimal purchasing effort.

You are the manager of a large crude-oil refinery. as part of the refining process, a certain heat exchanger (operated at high temperatures and with abrasive material flowing through it) must be replaced every year. the replacement and downtime cost in the first year is $165 comma 000. this cost is expected to increase due to inflation at a rate of 7% per year for six years (i.e. until the eoy 7), at which time this particular heat exchanger will no longer be needed. if the company's cost of capital is 15% per year, how much could you afford to spend for a higher quality heat exchanger so that these annual replacement and downtime costs could be eliminated?