Define Opportunity Cost.
The contribution to income that is forgone (rejected) by not using a limited resource in its next-best alternative use.
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Managerial Accounting
- Can the constant in the cost function be used as an estimate for fixed cost (when calculating maintenance, etc.)?
- Describe the account analysis method for estimating a cost function.
- Name 4 approaches to estimating a cost function ?
- Describe three alternative linear cost functions ?
- What two assumptions are frequently made when estimating a cost function?
- Define Cost-Volume-Profit Analysis ?
- Define Operating Leverage ?
If the answers is incorrect or not given, you can answer the above question in the comment box. If the answers is incorrect or not given, you can answer the above question in the comment box.