Mikhail and Stefan are both artists who can create sculptures or paintings each day.The following table describes their maximum outputs per day.Use this table to answer the following questions.
-What is Stefan's opportunity cost of a sculpture?
Definitions:
Relevant Range
The range of activity within which assumptions about variable and fixed cost behavior are valid.
Variable Cost
Expenses that change in proportion to the volume of goods or services produced by a business.
Activity
An event that causes the consumption of overhead resources in an organization.
Cost Driver
A factor that causes a change in the cost of an activity, such as machine-hours or labor hours, used in determining pricing and profitability.
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