Which of the following is a possible limitation in cost estimation?
A. Critics argue that the method used for estimating cost is outdated and does not provide accurate cost estimates.
B. It is difficult to obtain data on relevant costs from accounting reports that record historical data.
C. Critics argue that cost estimates do not help managers make efficient decisions.
D. It is difficult to get qualified people who can obtain data on costs and can interpret the data.
Answer: B
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The motel whose costs are given in the table above has total fixed costs equal to
A) $0. B) $100. C) $200. D) $201.
When a demand curve is perfectly elastic:
A) marginal revenue = average revenue = price. B) marginal revenue > average revenue = price. C) marginal revenue < average revenue = price. D) marginal revenue > average revenue > price.