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    Average costs

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    The president of a small firm has been complaining to his controller about rising labor and material costs. However, the controller notes that average costs have not increased during the past year. Is this possible? Explain.

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    Solution Preview

    Yes this is possible that the average costs may not increase during the past year, still there can be concern by the controller on rising costs. It is possible because the " average costs are same".

    Average represents mean of a set of prices during the ...

    Solution Summary

    This explains the steps to compute the average costs