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MULTIPLE REGRESSION
The least square regression equation discussed above was based on the assumption that total cost was determined by only one activity based variable. However, other variables are likely to affect labour costs such as labour hours, material costs, machine hours, etc. These may have an effect on labour costs.
The equation for the simple regression can be expanded to include more than one independent variable as shown below:
Y = a + b1X1 + b2 X2 + b3 X3 +………+bn Xn
For two independent variables, the function will be of the form:
Y = a + b1X1 + b2 X2
The normal equations can be given by:∑y = na + b1 ∑X1 + b2∑x2∑X1Y = a∑x1 + b1∑X12 + b2 ∑X1 ∑X2∑X2 Y = a∑x2 + b1∑ X 1∑X2 +b2 ∑X2 Normally computers are used for the solution of multiple regression.
Full cost or mark up pricing or cost plus pricing method: In this method the marketer estimates the total cost of producing or manufacturing the product and then adds it a mar
RELEVANT COSTS FOR NON-ROUTINE DECISIONS A relevant cost is a cost that is appropriate to a specific management decision. To be relevant, a cost should be: 1) Future cost
x+2y+3z=6 2x+4y+z=7 3x+2y+9z=14
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If a company creates sales to a number of customers on credit terms this will have to wait for two or still three months before its debtors pay that they owe. It means that the deb
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