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Explain yield management systems (YMS)and discuss the types of industry were they are most appropriate.
Fixed Cost
Expenses that do not change in proportion to the volume of goods or services a company produces, such as rent, salaries, and insurance premiums.
Product Cost
The total cost associated with making or acquiring a product, including direct materials, direct labor, and overhead.
Period Cost
Costs that are not directly tied to the production process and are expensed in the period they are incurred, such as selling, general, and administrative expenses.
Fixed Cost
Costs that do not vary with the level of production or sales, such as rent, salaries, and insurance premiums.
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