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Describe What Licensing Is

question 31

Essay

Describe what licensing is. What type of intellectual property can be licensed? Identify the two types of licensing pursued by entrepreneurial firms.


Definitions:

Predetermined Overhead Rate

The rate used to allocate manufacturing overhead to individual products or job orders, calculated before the period begins based on estimated costs and activity levels.

Machine-Hours

A measure of production time, indicating the total hours that machines have been operating during a given period.

Fixed Manufacturing Overhead

The total of all costs that remain constant regardless of the level of production within a certain range.

Machining Department

A division within a manufacturing facility where machining processes such as cutting, drilling, or shaping are performed.

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