We have discussed in this class that there is a range of “right prices” for each

We have discussed in this class that there is a range of “right prices” for each customer. This is determined by establishing the extreme lower boundary and extreme upper boundary. I have introduced the concept of marginal cost and consumer utility. Please explain each of these concepts and how they establish the “right price” for customers? How does establishing these boundaries help us with pricing? What are other pricing anchors that influence or narrow the band of our boundary prices to help us establish the “right price” for our customer? （ write a journal）