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Explain Variable costs.
Variable costs conversely, tend to vary directly along with the volume of output. Illustrations of variable cost are: -
* Direct production labour cost
* Direct Materials cost
* Direct Expenses.
An industrial engineer has obtained the following data in connection with a time study on the lines of the Hawthorne studies taking four different elements and five
Explain Fixed Cost. Fixed Cost: Cost may be described as the amount of expenditure incurred on, or attributable to a specified thing. Fixed costs are those costs that tend t
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