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Are the short-run and long-run average cost curves U-shaped for the same reason? Explain.
Predetermined Overhead Rate
An estimated rate used to allocate manufacturing overhead to products or job orders based on a certain activity base.
Machine-Hours
A measure of the amount of time a machine is operated within a specific period, often used for allocating machine costs to products.
Direct Labor-Hours
Total labor hours of workers directly engaged in the production line.
Forming
A manufacturing process that involves shaping material into a specific configuration.
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