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Explain the two forms of price elasticity of demand.
Direct Labour-Hours
The total hours worked by employees that are directly involved in the manufacturing process of a product.
Overapplied Overhead
A condition where the overhead applied to products or services exceeds the actual overhead costs incurred.
Overapplied Manufacturing Overhead
A situation where the amount of overhead allocated to products exceeds the actual overhead incurred.
Finished Goods Inventory
Products that have completed the manufacturing process and are ready to be sold.
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