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Managers should use past data to create a cost function

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Managers should use past data to create a cost function 1) A linear cost function can only represent fixed cost behavior. 2) In a graphical display of a cost function, the steepness of a line represents the total amount of fixed costs. 3) It can be inferred that when there is a high correlation between two variables, one is the cause of the other. 4) An example of a physical cause-and-effect relationship is when additional units of production increase total direct material costs. 5) Managers should use past data to create a cost function and then use the exact information provided by that cost function to create the budgetary forecast for the next year. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help

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