Examlex
If the standard to produce a given amount of product is 1,000 units of direct materials at $11 and the actual was 800 units at $12, the direct materials quantity variance was $1,000 unfavorable.
Marginal Benefit
The incremental benefit or satisfaction obtained from consuming one additional unit of a particular good or service.
Marginal Cost
The additional cost incurred to produce one more unit of a good or service, important for decision-making in production and pricing strategies.
Avid Runner
An individual who is highly passionate and consistent about running as a form of exercise or sport.
Opportunity Costs
The value of the best alternative forgone when a different investment or decision is made.
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