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Question 2 Explain and distinguish the following terms with examples or illustrations: a) Relevant costs and Irrelevant costs (8 marks) b) Opportunity costs (4 marks)

Question 2

Explain and distinguish the following terms with examples or illustrations:

a) Relevant costs and Irrelevant costs (8 marks)

b) Opportunity costs (4 marks)

c) Controllable and uncontrollable costs (4 marks)

d) Incremental Costs and Marginal cost (4 marks)

(Total: 20 marks)

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