State what is meant by variable costs in a business.
State what is meant by fixed costs in business.
State what is meant by semi-variable costs in business.
Calculate the total maximum contribution and the total maximum profit Mandeep can earn in December 2022.
Calculate the total material (in metres) needed to satisfy the maximum demand in December 2022.
Prepare a statement showing the maximum contribution and the maximum profit Mandeep can earn in December 2022, after taking the material shortage into account.
Advise Mandeep whether or not he should buy all future material supplies from the overseas supplier. Justify your answer.
Calculate the price per unit Mandeep should charge customers to achieve a $20\%$ profit margin.
State three advantages to a business of preparing budgets.
State two limitations of budgetary control.