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Define the following concepts: the representativeness heuristic,the availability heuristic,and the confirmation bias.For each one,discuss how it can produce errors in probability estimates or reasoning.
Allocated Fixed Costs
Fixed costs that are distributed across different departments or products based on predetermined criteria or cost drivers.
Cost Driver
An activity or factor that incurs costs based on its level of usage or volume, playing a critical role in activity-based costing.
Allocated Equally
The process of distributing resources, costs, or assets in equal portions among recipients or activities.
Internal Price Wars
Competitive pricing tactics within an organization or amongst subsidiaries that aggressively lower prices, potentially harming the organization's overall profitability.
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