Discuss the difference in fixed and variable costs and give a variety of examples

Q: enefits of cost classification.

A: Classification of Costs essentially means the grouping of costs according to their similar…

Q: A fixed cost is?

A: Cost structure is described as the different type of variable costs and fixed costs that are…

Q: Define the major types of cost

A: Cost accounting is a process of accounting which calculates all production-related costs, including…

Q: Describe the psychological pricing techniques and give examples

A: Psychological pricing is a technique which is used by the companies to hit the subconscious mind of…

Q: What are the two key assumptions of behavioral asset pricing theory?

A: ANSWER: OPTION (C) IS THE CORRECT ANSWER.

Q: How is market pricing calculated using salary data?

A: Market Price:- Market pricing involves determining the price that a consumer would be willing to pay…

Q: What are the advantages of having price leaders?

A: Price leadership, in marketing, is a pricing method set forth by marketers to entice more customers.…

Q: Compare and contrast price and nonprice competition.Describe the conditions under which each form…

A: In the price competition, the companies will give importance to the price of the products and…

Q: Examine the fundamental basics for pricing like the economics of supply and demand and    the…

A: Law and supply are the basic fundamentals of pricing. It is the relationship between producers who…

Q: Suppose a manufacturer of exercise equipment sets a suggested price to the consumer of $395 for a…

A: Given, Retail margin factor = 0.4 Wholesale margin factor = 0.25 Market price = 395

Q: Define Fixed Costs?

A: Variable costs are described as the expenses of an organization or a company and it takes into…

Q: What might make it difficult to determine the prices of one’s competitors? When such difficulties…

A: It's difficult to figure out what your competitors' prices are - A few businesses do this since…

Q: Costing your product- Definition of types of costs Define the following types of costs and give at…

A: A cost is the amount of money that has been used up to manufacture anything or provide a service and…

Q: Compare and contrast fixed costs and variable costs and discuss their impor- tance in setting…

A: Difference between variable costs and fixed costs: Fixed costs will not change with the change in…

Q: generalizations about what kinds of products tend to be price  inelastic across different product…

A: Price is the strongest tool with any marketer. Even by increasing the price by a smaller percentage…

Q: How do you explain the similarities and differences you see in these prices?

A: The above questions asked are subjective in nature and hence cannot be answered. While the answer…

Q: Explain with examples, what is direct cost and indirect cost

A: Direct costs Direct costs are operational expenses you can straightforwardly apply to deliver a…

Q: Because full costing is accepted for financial reporting purposes and variable costing is not,…

A: Absorption costing includes all costs related to production, including fixed costs while variable…

Q: Explain the strategic role of costings.

A: Strategic role of costings includes the below elements:

Q: Explain the cost concepts used in product and service costing.

A: Costing is the process of classifying, tracking, and allocating expenditure accordingly to assess…

Q: The terms shadow price and reduced cost mean the same thing.

A: The correct answer is False.

Q: explain variable costs, fixed costs, average variablecosts, average fixed costs, and average total…

A: All the businesses need some inputs to generate outputs. There are majorly two types of inputs,…

Q: Explain why a product or service’s contribution (selling price minus variable cost) is an important…

A: The product and service plays a very important role in creating right marketing decisions. It plays…

Q: Alicia is a self-employed hair stylist who owns her own salon. She has asked you to consult with her…

A: Every company try to increase its profits and grow. This growth attracts the investors in the…

Q: Discuss arguments for and against setting high discount rates.

A: The customer purchases the products and services from companies. The companies influences the…

Q: Name three professional cost management organizations and explain their roles and objectives

A: Cost management: It is basically a process of estimating, budgeting, and controlling costs with the…

Q: Compare and contrast analogous, parametric, and bottom-up methods of estimating costs.

A: The analogous method can refer to estimating a current project's cost by using similar past project…

Q: Explain the concepts of dynamic pricing and yield management systems?

A: A company's pricing strategy is the method by which it determines the price at which it will provide…

Q: What is the difference between a price skimming and price penetration strategy and when should each…

A: Price Skimming strategy: Price Skimming is a pricing strategy in which high initial prices are…

Q: 1. How do you price physiological, is it low, moderate or high? please explain briefly your answer.…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Discuss the various pricing methods that can be used by a vendor along with the main features.…

A: Price can be distinct as the amount of payment that the customer pays to the retailer in return for…

Q: Identify the different types of business firms and other organizations that use cost…

A: Cost management includes activities such as planning, controlling, budgeting, financing and funding…

Q: Explain the term Fixed costs?

A: A fixed cost is an expense that remains unchanged as output volume rises or falls within a certain…

Q: Give an example of each of the major categories of pricingobjectives.

A: Pricing objectives refer to the goals that help to determine the prices of the products or services.…

Q: What are the stratgies we follow in managing cost. Explain elaborately.

A: Cost management is the technique through which an organization tries to reduce the operational cost…

Q: What are the factors influencing price elasticity?

A: The price elasticity of demand shows how a shift in price influences the amount of goods demanded.…

Q: Provide an example of a structural cost driver

A: Structural cost drivers includes business strategic choices. And in simple words these decisions are…

Q: Why it is crucial to consider pricing from a strategic rather than a tactical perspective?

A: Strategic Pricing is defined as creating conditions under which there are more chances of profit…

Q: Considering the situation of potential firms making agreements with incumbents within the framework…

A: The market entry framework is a methodology that evaluates growth possibilities, capabilities, and…

Q: Explain why optimal profits should occur when marginal cost equals marginal revenue.

A: The additional money generated for producing one unit of any commodities is known as marginal…

Q: Why fixed cost does not change when there is a change in sales? explain

A: From the word itself, it can clearly be comprehended that the cost which is fixed and remains…

Q: Identify and discuss the factors that influence cost management emphasis and practise.

A: In the Indian production market, Cost Management is an undeniable dream for a variety of reasons.…

Financial decisions

Financial decisions are important choices that individuals and businesses make about how to use their money. Financial decisions can impact a person or company's short-term and long-term financial stability. Decisions like whether to save, invest, or spend money, whether to take on debt or what kind of insurance to purchase, are some common financial decisions. Decisions on how to manage risks, such as the risk of losing money if investments do not perform as expected or the risk of not having enough money saved for retirement, are also a part of financial decision-making.