An Economist Should Be Hired by the Trial Team to Testify

question 25

True/False

An economist should be hired by the trial team to testify regarding a plaintiff's future reduced earning capacity.

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Definitions:

Direct Labour Hours

The overall work hours of staff directly engaged in creating products.

Variable Manufacturing Overhead

The portion of variable overhead that is directly associated with the manufacturing process, such as indirect materials or supplies.

Direct Material

Raw materials that are directly traceable and allocable to a finished product.

Material Purchase Price Variance

A reiteration, focusing on the deviation between the actual amount paid for material and the standard cost.