Define Cost Volume-Profit relationship
Describe briefly Cost Volume-Profit relationship?
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Cost Volume-Profit (or CVP) relationship is determination that studies the relationships among the subsequent factors and its affect on the amount of profits.
- Total sales amount and selling price per unit Total cost that might be in any form that is, fixed cost or Variable cost.
- Volume of sales
In easy terms, CVP is a management accounting instrument which signifies relationship among total sales, profit and total cost. Cost Volume-Profit relationship is one of the significant techniques of cost and management accounting. It is a powerful instrument that gives the entire picture of the profit structure and aids in planning of profits. It can as well answer what if type of questions by telling the volume needed to produce. This concept is applicable in all decision making regions, mainly in the short run.
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A cartel is more likely to succeed and survive when: (w) members respond to incentives to cheat. (x) fringe producers are not members. (y) total market demand is less elastic. (z) close substitute goods are simply developed. Q : Elasticity of Demand for Labor in Firm Increasing the wage rate increases total wages received through workers when the demand for labor is: (w) relatively elastic. (x) relatively inelastic. (y) unitarily elastic. (z) perfectly elastic.
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