The level of inventory of a manufactured product has increased by 4,000 units during a period.The following data are also available: 
What would be the effect on income from operations if absorption costing is used rather than variable costing?
Definitions:
Inelastic
A situation in which the demand or supply for a good or service is relatively unresponsive to changes in price.
Deadweight Loss
A decline in economic effectiveness that happens when a good or service does not reach or cannot reach market equilibrium.
Price Elasticity
A measure of how much the quantity demanded of a good responds to a change in the price of that good, reflecting the goods' sensitivity to price changes.
Laffer Curve
A theory that illustrates the relationship between tax rates and the amount of tax revenue collected by governments.
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