Q1. Differentiate with suitable examples the relevant cash flows and irrelevant cash flows. What relevant role do these cash flows provide in management decision-making? Provide a suitable example in context to an organization to support your answer.

Note: Your answer must include suitable examples of relevant and irrelevant cash flows for management decision-making.

Q2. What are the various methods of estimating cost functions? Explain each method with suitable numerical examples.

Note: You are required to assume values for numerical examples of your own, and they should not be copied from any sources.