Question: 1. Describe the term relevant range. Why is it important to stay within the relevant range when estimating costs? 2. describe the variables in the

1. Describe the term relevant range. Why is it important to stay within the relevant range when estimating costs? 2. describe the variables in the cost equation Y = f + vX.

The variables in the cost equation Y =f+ v X are defined as follows: Y= X=

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