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What is a fixed cost? Provide two examples. What is a variable cost? Provide two examples. What is a mixed cost? Provide two examples. Why

What is a fixed cost? Provide two examples.

What is a variable cost? Provide two examples.

What is a mixed cost? Provide two examples.

Why is it important to identify how costs behave with changes in activity?

How does the contribution margin income statement differ from the traditional income statement?

Describe the term relevant range. Why is it important to stay within the relevant range when estimating costs?

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