Question: 1. Is there any difference between life cycle costs and customer life cycle costs? 2. Life cycle costing helps management in identifying and monitoring the

1. Is there any difference between life cycle costs and customer life cycle costs? 2. Life cycle costing helps management in identifying and monitoring the costs of a product throughout its life cycle. Explain this statement. 3. What is a product life cycle? What are its different phases? 4. How does profit of a business firm behave during product life cycle? 5. Knowledge of the product life cycle is important for cost management. Comment.

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