Answer to Question #2553 in Microeconomics for gurusamy
buy a cutting mechine $45000. Employed 3 full-time staff with those costing $63000 more a year in wages.
Description of absorption-costing technique:
This technique takes into account the cost at which a product is manufactured, the costs for sales and marketing the product and values the finished goods in inventory. It is helpful in determining the variable and fixed overhead costs of the manufactured products. Intelligent planning and adoption of just-in-time supply methods will help contain overhead costs, thereby optimizing cost of production.
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