Final answer:
The equation that best describes customer valuation is not directly provided, but a key equation for firms in a competitive market is profit calculated as (Price)(Quantity produced) - (Average cost)(Quantity produced), which ties in revenue, costs, and by extension, customer valuation.
Step-by-step explanation:
The question of which equation best describes customer valuation is related to how businesses determine the value they provide to customers in relation to the cost of their product or service. A common way to express this value is by evaluating either the quality of a product relative to its price or cost. However, for a perfectly competitive firm, as the given information suggests, the price is dictated by the market, and they can sell any quantity at this price. The revenue is the product of price and quantity supplied, while the cost is the sum of all expenses required to produce and sell the product. A perfectly competitive firm maximizes profit where marginal revenue equals marginal cost.
The profit equation is given as (Price)(Quantity produced) - (Average cost)(Quantity produced), which indicates that for firms, especially those in perfect competition, the relationship between price, quantity, and cost is crucial to determining profit and therefore customer valuation.