Question: ) Explain the 3 different types of cost behavior (variable, fixed and mixed costs) and why it is important to identify and understand them? Explain

  1. ) Explain the 3 different types of cost behavior (variable, fixed and mixed costs) and why it is important to identify and understand them?
  2. Explain what is the chief drawback of the high-low method of cost estimation. What problems would an outlier cause when using the high-low method?

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