Examlex
The expected population deviation rate is the auditor's best estimate of the percentage of transactions processed for which a control is not effectively applied.
Economies of Scale
The cost advantage achieved by an increase in production, leading to a decrease in the average cost per unit through efficient allocation of resources and spreading of fixed costs.
Cost-output Elasticity
The ratio of the percentage change in cost relative to the percentage change in output, indicating how costs change with output levels.
Marginal Cost
The cost associated with producing one additional unit of a product.
Technological Change
Development of new technologies allowing factors of production to be used more effectively.
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