Identify and Describe Two Observational Methods of Research

question 21

Essay

Identify and describe two observational methods of research. For each method, discuss an advantage of its use.

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Definitions:

Fixed Cost Method

An accounting strategy where fixed costs are expensed in the period they occur, without regard to changes in the volume of production or sales.

Cost-Plus Approach

A pricing strategy where the selling price is determined by adding a specific markup to the cost of producing or purchasing the product.

Differential Profit

The change in profit resulting from choosing one option over another in decision-making processes.

Fixed Expenses

Costs that do not change with the level of production or sales activities, such as rent, salaries, and insurance.