The Value Equation: A formula with no fixed parameters

    People are always searching for a "good value". But what does value mean? Value is certainly a subjective matter -- the value for one person will differ from the value for another person. Still, even though it is variable, there are certain things that make up value. I call this "the Value Equation". Real economists may very well have a better formula for this concept -- but I like mine for general simplicity and use.
    My Value Equation is Quality * Quantity * (1 / Cost) = Value. I would love to have Cost not be used as a reciprocal (divided into 1) but that is really how it relates to value. The lower the Cost the greater the Value -- a reciprocal situation. There is one other factor that indirectly affects the Value Equation. That is Affordability. It interacts with Cost in some manner but I don't know how to directly put it into the equation. Let's just say that if you have more money available then cost becomes less important.
    Quality is the most subjective part of the equation. If one person really loves something then their perception of quality increases. In a similar way, if another person really hates something then the quality becomes less. It is even possible for it to become negative. A negative quality would indicate that the thing being evaluated goes against moral values. If you hate internal combustion engines then a more powerful engine has less quality for you because it uses more gasoline and probably emits more pollution. If you don't mind internal combustion engines then a more powerful engine has things about it that you love and will increase the quality for you.
    Quantity is the only part of the equation that is mostly fixed. I say "mostly" because it is not always true that "more is better' for some people. A huge drink ("big gulp") sounds great until one evaluates the health consequences of drinking too much sugar or artificial sweeteners. A huge sandwich that is more than one should eat either becomes "wasted" (thrown out) or "waisted" (accumulated as fat into your body).
    Even cost is a variable factor. First, the price that is charged is not fixed. Often, wealthy people (or celebrities) are charged less for things because they can "take it or leave it" and because their possession and use of it provide a return advertising value for the supplier. Second, in most instances cost does not reflect "total cost". Total cost is the price of all events that exist from harvesting the raw materials to manufacture to distribution to reclamation of the object and the environment from which the raw materials were harvested. Total cost is rarely used -- a good portion of the cost is absorbed by the general population and subsidized by the taxpayers.
    Even with the subjective variability of the parts of the equation, it is still easy to see how it is used. Something that is of high quality, in the desired quantity, at a low cost will give the greatest value. If the quality goes down, the value goes down. If the cost goes up the value decreases (but may not be so important if it is very affordable).
    How would you define quality? Do you see a limit on quantity that provides value or is "the more the merrier"? Do you consciously take into account "total cost" when you buy something. Do you "waste" or "waist" or do you try to always get just the correct quantity?
    Although the Value Equation can be used as a framework -- the final answer is still up to you.