The average cost of production, Cost Accounting

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Distinguish between,

(i) short-run variable costs & long-run variable costs, and give an example of each one;

(ii) the marginal cost & the average cost of production, and explain the conditions likely to cause such costs to vary.

(b) Describe how long-run variable production costs are allocated to cost units in traditional costing methods. In what ways are modern manufacturing methods building this approach less relevant?

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