Suppose labor is a variable input and capital is a fixed input,and consider a firm's short-run average,average variable,and marginal cost curves.
Definitions:
Predetermined Overhead Rate
An estimated rate used to allocate manufacturing overhead costs to individual products or job orders based on a specific activity base.
Machine-Hours
A measure of production or work volume that indicates the amount of time a machine has been operating.
Predetermined Overhead Rate
A calculated rate used to allocate indirect costs to products or services, based on estimated or budgeted overhead costs and an allocation base.
Manufacturing Overhead
All indirect costs related to the manufacturing process, such as utilities and salaries for managers.
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