Select the Best Description for the Following

question 37

Multiple Choice

Select the best description for the following:
-Total utility cost = $12,500 + ($10.00 × no.of machine hours)

• A)Fixed cost
• B)Variable cost
• C)Dependent variable
• D)Independent variable
• E)Variable rate
• F)Cost equation

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Definitions:

Heuristics

Mental shortcuts or rules of thumb that simplify decision making, sometimes at the cost of accuracy or completeness.

Sunk Cost Effect

This is the economic concept that people are likely to continue an endeavor if they have already invested time, effort, or money into it, regardless of the current costs or benefits.

Prototype

A prototype is an early sample, model, or release of a product built to test a concept or process.

Broca's Aphasia

A neurological condition characterized by difficulties in producing speech due to damage to Broca's area in the frontal lobe of the brain, often leaving the individual able to understand language but with impaired speaking ability.