SECTION C 1. a, With typical examples explain the meaning of contribution Margin (1 marks) b, Assume that the Pants Shop can purchase pants for $32 from a local factory, other variable costs amount to $10 per unit. The local factory allows the Pants shop to return all unsold pants and receive a full $32 refund per pair of pants within one year. The average selling price per pair of pants is $70 and ho total fixed costs amount to $84,000 (6 marks)