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Explain Two Reasons Why Economic Forecasting Can Only Be of Limited

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Explain two reasons why economic forecasting can only be of limited use.


Definitions:

Variable Manufacturing Overhead

Costs that fluctuate with production volume, such as raw materials and direct labor.

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.

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