-In the above figure, if the firm is facing demand curve d2, then to maximize profits it will produce at output level
Definitions:
Volume Variance
The difference between the budgeted and actual volume of production, affecting fixed costs allocation.
Machine-Hours
A unit of measure representing the operation time of a machine, often used in allocating manufacturing costs based on machine usage.
Fixed Overhead Volume Variance
The difference between the budgeted fixed overhead and the applied fixed overhead, which is attributed to the variance in the volume of production.
Standard Labor-Hours
A measurement used in accounting to represent the number of labor hours expected to produce one unit of output.
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