b) Production or product costs refer to the costs incurred by...
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Accounting
b) Production or product costs refer to the costs incurred by a business from manufacturing a product or providing a service. Define the following costs that business faces in producing a good or service: i. Variable cost. (2 Marks) ii. Fixed cost. (2 Marks) iii. Semi-fixed cost. (2 Marks) iv. Sunk cost. (2 Marks) v. Opportunity cost. (2 Marks)
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