1. While the main determinant of the price of a product is the 'cost' figure, however there are other factors that can influence its price setting. List and explain with proper illustrations, SEVEN (7) other factors, besides cost, that can influence the price to be set for a product
2. Discuss the procedures to be followed if Activity-based costing (ABC) were to replace the traditional absorption costing (AC) method. In your discussion explain the terms used in ABC such as cost pools, cost drivers and ABC rates.