-In the Table Above, the Value of Marginal Product of the Third

question 10

Multiple Choice

-In the table above, the value of marginal product of the third unit of labour is

• A) $12.
• B) $3.
• C) $16.
• D) $4.

Differentiate between open-ended and closed-ended questions and their application.

Identify permissible and impermissible questions during an interview.

Understand the sequence and components of the selection process.

Recognize biases and their effects on the selection process.

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Definitions:

Material Costing

The process of determining the cost of materials used in the production of goods, including direct materials and allocable portions of indirect materials.

Standard Materials Cost

The pre-determined cost of materials that is expected to be incurred under normal conditions.

Price Variance

The difference between the actual cost of a good or service and its expected cost, often used in budgeting and financial analysis.

Materials Price Variance

The difference between the actual cost of direct materials and the standard cost, used in variance analysis.