Explain the Difference Between Static and Dynamic Reports

question 66

Essay

Explain the difference between static and dynamic reports.

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Definitions:

Variable Cost

Costs that change directly with the level of production or service output.

Total Cost

The aggregate expenditure incurred by a business to produce, buy, or sell goods and services, including fixed and variable costs.

Inputs

Resources such as labor, materials, and capital that are used in the production process to create goods or services.

Average Total Cost

The total cost divided by the quantity produced, calculating the per-unit cost of production.