Answer the following question(s) using the information below.Cakewalk Ltd.delivers shoes in batches.The following information pertains to shipping dance shoes in June:
-What is the Cakewalk Ltd.rate variance for fixed shipping overhead costs?
Definitions:
Long-run Total Costs
The total costs incurred by a firm when all factors of production are variable, emphasizing the period where no costs are fixed.
Average-fixed-cost Curve
A curve that shows the relationship between the average fixed cost of producing a good and the quantity of the good produced, typically declining as production increases.
Marginal Product
The increase in output that results from employing one more unit of a particular input, holding all other inputs constant.
Explicit Costs
Direct, out-of-pocket expenses paid by firms for inputs to production, such as wages, rent, and materials, as opposed to implicit costs which are not directly paid out in cash.
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