Choose four of the terms/techniques listed below and for each one:

i) Explain the meaning of the term/technique

ii) Give two examples of its application.

ii) Explain some of the practical limitations of which users should be aware with regard to the term/technique.

Minimum 150 words of each term/technique

a) absorption costing

b) opportunity cost.

c) transfer price

d) market based pricing

e) product cost.

f) standard cost.