Question: 1. What is the difference between a fixed cost and a variable cost? 2. What is one example of a fixed cost and one example

1. What is the difference between a fixed cost and a variable cost?

2. What is one example of a fixed cost and one example of a variable cost?

3. What is Cost-Volume-Profit (CVP) Ratio?

4. Explain why it is important to utilize CVP Ratio methodology when implementing a new service line.

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