1. A quantitative analysis enables a decision maker to put a 'price' on the sum total of the qualitative characteristics in a decision situation. Explain this statement and give an example.
2. Distinguish between the following terms; incremental costs, avoidable costs and relevant costs.
3. Explain why the original cost of production machinery is not relevant cost in a make-or-buy decision. Could any aspect of the cost of machinery be relevant to this decision?

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